Stan Barker opened Quik-Stop Market on January 2, 2019. The business is subject to FICA taxes. At the end of thefirst quarter of 2019, Barker, as president of the company, must file Form 941, Employer’s Quarterly Federal TaxReturn. Using Form 941 (Parts 1 through 5), reproduced on pages 3-61 and 3-62, prepare, sign, and date the returnon the basis of the information shown below.Employer’s address: 234 Oak, Austin, TX 78711-0234Employer’s ID number: 00-0005874Phone number: (512)555-1111Date filed: April 30, 2019Each employee is paid semimonthly on the 15th and last day of each month. Shown below is the payroll information for the first quarter of 2019. All pay periods were the same. PAYROLL INFORMATION FOR JANUARY-MARCHFederalIncomeQuarterlyWageOASDITotalEmployceSSNТахHI TаxТаxDeductionsNet PayAlbert Greer000-00-7233$10,440$ 647.28$151.38 $1,260.00 $2,058.66$ 8,381.34Patty Dilts000-00-845110,530652.86152.701,200.002,005.568,524.44Jerod Hughs000-00-366823,2201,439.64336.721,080.002,856.3620,363.64Denise Eaton000-00-652711,700725.40169.681,140.002,035.089,664.92Totals$55,890$3.465.18$810.48 $4.680.00 $8.955.66$46,934.34Employer's FICA taxesfor the Quarter$3,465.18OASDI$810.41HIThe total taxes per payday are:$ 577.53577.53FICA Tax-OASDIEmployer's FICA Tax-OASDIEmployees' FICA Tax-HIEmployer's FICA Tax-HIEmployees' FIT Tax135.08135.07780.00$2,205.21 x 6 deposits = $13,231.26 for the quarterTotalNone of the employees reported tips during the quarter.Note: Lines 5a and Sc of Form 941, tax on total taxable wages, are computed by multiplying by the combined tax rate for both employer andemployee. Small differences due to rounding may occur between this total and the total taxes withheld from employees each pay periodand the amount of the employer's taxes calculated each pay period. This difference is reported on line 7 as a deduction or an addition as"Fractions of Cents."

FICA Tax - A payroll tax is required to be deducted from employees' paychecks under the Federal…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Stan Barker opened Quik-Stop Market on January 2, 2019. The business is subject to FICA taxes. At the end of the
first quarter of 2019, Barker, as president of the company, must file Form 941, Employer’s Quarterly Federal Tax
Return. Using Form 941 (Parts 1 through 5), reproduced on pages 3-61 and 3-62, prepare, sign, and date the return
on the basis of the information shown below.
Employer’s address: 234 Oak, Austin, TX 78711-0234
Employer’s ID number: 00-0005874
Phone number: (512)555-1111
Date filed: April 30, 2019
Each employee is paid semimonthly on the 15th and last day of each month. Shown below is the payroll information for the first quarter of 2019. All pay periods were the same.

PAYROLL INFORMATION FOR JANUARY-MARCH
Federal
Income
Quarterly
Wage
OASDI
Total
Employce
SSN
Тах
HI Tаx
Таx
Deductions
Net Pay
Albert Greer
000-00-7233
$10,440
$ 647.28
$151.38 $1,260.00 $2,058.66
$ 8,381.34
Patty Dilts
000-00-8451
10,530
652.86
152.70
1,200.00
2,005.56
8,524.44
Jerod Hughs
000-00-3668
23,220
1,439.64
336.72
1,080.00
2,856.36
20,363.64
Denise Eaton
000-00-6527
11,700
725.40
169.68
1,140.00
2,035.08
9,664.92
Totals
$55,890
$3.465.18
$810.48 $4.680.00 $8.955.66
$46,934.34
Employer's FICA taxes
for the Quarter
$3,465.18
OASDI
$810.41
HI
The total taxes per payday are:
$ 577.53
577.53
FICA Tax-OASDI
Employer's FICA Tax-OASDI
Employees' FICA Tax-HI
Employer's FICA Tax-HI
Employees' FIT Tax
135.08
135.07
780.00
$2,205.21 x 6 deposits = $13,231.26 for the quarter
Total
None of the employees reported tips during the quarter.
Note: Lines 5a and Sc of Form 941, tax on total taxable wages, are computed by multiplying by the combined tax rate for both employer and
employee. Small differences due to rounding may occur between this total and the total taxes withheld from employees each pay period
and the amount of the employer's taxes calculated each pay period. This difference is reported on line 7 as a deduction or an addition as
"Fractions of Cents."

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