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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The Form 941 tax deposit includes which of the following types of taxes withheld from the employee and paid by the employer?

  1. (a) Federal income tax and FUTA tax
  2. (b) Federal income tax and Social Security and Medicare taxes
  3. (c) Social Security and Medicare taxes and SUTA tax
  4. (d) FUTA tax and SUTA tax

To determine

Identify the types of taxes that are withheld from the employee and paid by the employer in the Form 941 tax deposit.

Explanation

Form 914:

Form 941 deals with Employer’s Quarterly Federal Tax Return which must be filed by the employer with the IRS (Internal Revenue Service) at the end of the month following the each calendar quarter. The form 14 reports the following taxes they are:

  • Employee Social Security and Medicare taxes withheld...

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