Chang Company is trying to determine how often it needs to deposit payroll taxes for calendar year 2022. The company made the following quarterly payroll tax deposits during the last two years: Quarter beginning January 1, 2020 $ 10,000 Quarter beginning April 1, 2020 10,000 Quarter beginning July 1, 2020 9,750 Quarter beginning October 1, 2020 11,750 Quarter beginning January 1, 2021 11,750 Quarter beginning April 1, 2021 11,750 Quarter beginning July 1, 2021 9,750 Quarter beginning October 1, 2021 11,750 a-What is the amount from the lookback period? b-In 2022, how often must Chang Company make payroll deposits?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Chang Company is trying to determine how often it needs to deposit payroll taxes for calendar year 2022. The company made the following quarterly payroll tax deposits during the last two years:

Quarter beginning January 1, 2020 $ 10,000
Quarter beginning April 1, 2020 10,000
Quarter beginning July 1, 2020 9,750
Quarter beginning October 1, 2020 11,750
Quarter beginning January 1, 2021 11,750
Quarter beginning April 1, 2021 11,750
Quarter beginning July 1, 2021 9,750
Quarter beginning October 1, 2021 11,750

a-What is the amount from the lookback period?

b-In 2022, how often must Chang Company make payroll deposits?

 

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