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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

For the third quarter of the year, Johnson Company, 415 Circle Avenue, Chicago, Illinois 60652, received Form 941 from the Internal Revenue Service. The identification number of Johnson Company is 91-4213171. Its payroll for the quarter ended September 30 is as follows:

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The company has had six employees throughout the year. Assume that the FICA Social Security (employer) rate is 6.2 percent, the FICA Social Security (employee) rate is 6.2 percent on the first $118,500, and the Medicare tax is 1.45 percent of all earnings. The employer matches the employees’ FICA Medicare taxes. There are no taxable tips, adjustments, backup withholding, or earned income credits. Johnson Company has submitted the following federal tax deposits and written the accompanying checks:

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Required

Complete Part 1 of Form 941 for the third quarter for Johnson Company.

To determine

Complete Company J’s Part 1 of Form 941 for the third quarter.

Explanation

Payroll:

Payroll refers to the total amount that is required to be paid by the company to its employees during a week, month or other period. It is the financial record of the wages and bonus, net pay, salary and deductions of a company’s employees...

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