Complete Form 941 for the 1st quarter of 2020 for Bouncing Babies Co. (employer identification #33-3333333). Assume that Bouncing Babies Co. (located at 91 Bayberry Avenue, Bato LA 70714) chooses to complete and mail Form 941 on the due date. Based on the lookback period, Bouncing Babies Co. is a monthly depositor. Assume that all necessary deposits v on a timely basis and that the employer made deposits equal to the total amount owed for the quarter. All 32 employees worked during each of the three months, and the company elec its accountant (William Gordon, telephone #225-555-7846, Pin #83463) to discuss the form with the IRS. Additionally, Mr. Gordon signs the form, and no employee is subject to Addition Medicare Tax during the quarter. First quarter earnings and associated taxes withheld from employee earnings are as follows. Notes: • For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. January Taxes February Taxes March Taxes 1st Quarter Earnings FWT $12,400.00 $12,720.00 $12,120.00 $331,200 Social Security $7,579.50 $7,240.36 $7,990.13 $367,903

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.