Answered: For the third quarter of the year,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

100%

For the third quarter of the year, Johnson Company, 415 Circle Avenue, Chicago, Illinois 60652, received Form 941 from the Internal Revenue Service. The identification number of Johnson Company is 91-4213171. Its payroll for the quarter ended September 30 is as follows:

		TAXABLE EARNINGS	DEDUCTIONS
NAME	TOTAL EARNINGS	SOCIAL SECURITY	MEDICARE	FEDERAL INCOME TAX	SOCIAL SECURITY TAX	MEDICARE TAX
Brown, D. D.	16,629.00	16,629.00	16,629.00	2,494.00	1,031.00	241.12
Carey, L. R.	18,528.00	18,528.00	18,528.00	2,780.00	1,148.74	268.66
Domzalski, T. P.	14,665.00	14,665.00	14,665.00	2,100.00	909.23	212.64
Grisson, R. O.	13,721.00	13,721.00	13,721.00	2,058.00	850.70	198.95
Tyler, J. L.	17,406.00	17,406.00	17,406.00	2,510.00	1,079.17	252.39
Valdez, K. R.	15,287.00	15,287.00	15,287.00	2,295.00	947.79	221.66
	96,236.00	96,236.00	96,236.00	14,237.00	5,966.63	1,395.42

The company has had six employees throughout the year. Assume that the FICA Social Security (employer) rate is 6.2 percent, the FICA Social Security (employee) rate is 6.2 percent on the first $118,500, and the Medicare tax is 1.45 percent of all earnings. The employer matches the employees’ FICA Medicare taxes. There are no taxable tips, adjustments, backup withholding, or earned income credits. Johnson Company has submitted the following federal tax deposits and written the accompanying checks:

On August 15 for the July Payroll	On September 15 for the August Payroll	On October 15 for the September Payroll
Employees’ income tax withheld	$4,370.00	Employees’ income tax withheld	$5,122.00	Employees’ income tax withheld	$4,745.00
Employees’ Social Security and Medicare tax withheld	2,259.76	Employees’ Social Security and Medicare tax withheld	2,326.28	Employees’ Social Security and Medicare tax withheld	2,776.01
Employer’s Social Security and Medicare tax contributed	2,259.76	Employer’s Social Security and Medicare tax contributed	2,326.28	Employer’s Social Security and Medicare tax contributed	2,776.01
	$8,889.52		$9,774.56		$10,297.02

Required:

Complete Part 1 of Form 941 for the third quarter for Johnson Company.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions