Assume the following data for Carla Vista Tattoo Parlor for the quarter ended September 30. • Number of employees for third quarter: 7 • Gross earnings $61,953.60 • Employee FICA taxes $4,741.96 • Federal income tax $12,936.80 • State income tax $1,976.20 • Employer FICA taxes $4,743.96 • Federal unemployment tax $17.20 • State unemployment tax $142.12 • Monthly federal income tax and FICA tax liability: July $8,281.72, August $7,603.33, and September $6,511.60 • Federal income tax and FICA tax total monthly deposits for third quarter: $22,772.10 What amounts would be entered on Form 941 for the following line items? (Round answers to 2 decimal places, e.g. 52.75.) Line 3: Federal income tax withheld. $enter a dollar amount rounded to 2 decimal places Line 5a (Column 2): Taxable Social Security wages. $enter a dollar amount rounded to 2 decimal places Line 5c (Column 2): Taxable Medicare wages and tips. $enter a dollar amount rounded to 2 decimal places Line 6: Total taxes before adjustments. $enter a dollar amount rounded to 2 decimal places Line 11: Total deposits for this quarter. $enter a dollar amount rounded to 2 decimal places Line 12: Balance due. $enter a dollar amount rounded to 2 decimal places Line 13: Overpayment. $enter a dollar amount rounded to 2 decimal places
Assume the following data for Carla Vista Tattoo Parlor for the quarter ended September 30. • Number of employees for third quarter: 7 • Gross earnings $61,953.60 • Employee FICA taxes $4,741.96 • Federal income tax $12,936.80 • State income tax $1,976.20 • Employer FICA taxes $4,743.96 • Federal unemployment tax $17.20 • State unemployment tax $142.12 • Monthly federal income tax and FICA tax liability: July $8,281.72, August $7,603.33, and September $6,511.60 • Federal income tax and FICA tax total monthly deposits for third quarter: $22,772.10 What amounts would be entered on Form 941 for the following line items? (Round answers to 2 decimal places, e.g. 52.75.) Line 3: Federal income tax withheld. $enter a dollar amount rounded to 2 decimal places Line 5a (Column 2): Taxable Social Security wages. $enter a dollar amount rounded to 2 decimal places Line 5c (Column 2): Taxable Medicare wages and tips. $enter a dollar amount rounded to 2 decimal places Line 6: Total taxes before adjustments. $enter a dollar amount rounded to 2 decimal places Line 11: Total deposits for this quarter. $enter a dollar amount rounded to 2 decimal places Line 12: Balance due. $enter a dollar amount rounded to 2 decimal places Line 13: Overpayment. $enter a dollar amount rounded to 2 decimal places
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Assume the following data for Carla Vista Tattoo Parlor for the quarter ended September 30.
• | Number of employees for third quarter: 7 | |
• | Gross earnings $61,953.60 | |
• | Employee FICA taxes $4,741.96 | |
• | Federal income tax $12,936.80 | |
• | State income tax $1,976.20 | |
• | Employer FICA taxes $4,743.96 | |
• | Federal |
|
• | State unemployment tax $142.12 | |
• | Monthly federal income tax and FICA tax liability: July $8,281.72, August $7,603.33, and September $6,511.60 | |
• | Federal income tax and FICA tax total monthly deposits for third quarter: $22,772.10 |
What amounts would be entered on Form 941 for the following line items? (Round answers to 2 decimal places, e.g. 52.75.)
Line 3: Federal income tax withheld.
|
$enter a dollar amount rounded to 2 decimal places | |
---|---|---|
Line 5a (Column 2): Taxable Social Security wages.
|
$enter a dollar amount rounded to 2 decimal places | |
Line 5c (Column 2): Taxable Medicare wages and tips.
|
$enter a dollar amount rounded to 2 decimal places | |
Line 6: Total taxes before adjustments.
|
$enter a dollar amount rounded to 2 decimal places | |
Line 11: Total deposits for this quarter.
|
$enter a dollar amount rounded to 2 decimal places | |
Line 12: Balance due.
|
$enter a dollar amount rounded to 2 decimal places | |
Line 13: Overpayment.
|
$enter a dollar amount rounded to 2 decimal places |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education