Assume the following data for Sunland Tattoo Parlor for the quarter ended September 30. • Number of employees for third quarter: 7 • Gross earnings $60,663.60 • Employee FICA taxes $4,642.96 • Federal income tax $12,666.80 • State income tax $1,935.20 • Employer FICA taxes $4,645.96 • Federal unemployment tax $16.70 • State unemployment tax $139.12 • Monthly federal income tax and FICA tax liability: July $8,109.72, August $7,445.33, and September $6,376.60 • Federal income tax and FICA tax total monthly deposits for third quarter: $22,297.10 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 Sunland Tattoo Parlor for the quarter ended September 30. • Number of employees for third quarter: 7 • Gross earnings $60,663.60 • Employee FICA taxes $4,642.96 • Federal income tax $12,666.80 • State income tax $1,935.20 • Employer FICA taxes $4,645.96 • Federal unemployment tax $16.70 • State unemployment tax $139.12 • Monthly federal income tax and FICA tax liability: July $8,109.72, August $7,445.33, and September $6,376.60 • Federal income tax and FICA tax total monthly deposits for third quarter: $22,297.10 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
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Question
Assume the following data for Sunland Tattoo Parlor for the quarter ended September 30.
| • | Number of employees for third quarter: 7 | |
| • | Gross earnings $60,663.60 | |
| • | Employee FICA taxes $4,642.96 | |
| • | Federal income tax $12,666.80 | |
| • | State income tax $1,935.20 | |
| • | Employer FICA taxes $4,645.96 | |
| • | Federal |
|
| • | State unemployment tax $139.12 | |
| • | Monthly federal income tax and FICA tax liability: July $8,109.72, August $7,445.33, and September $6,376.60 | |
| • | Federal income tax and FICA tax total monthly deposits for third quarter: $22,297.10 |
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 |
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