I have to fill out a 941 form and Im having a hard time with section 5A-5D How do I tax social security wages for 4 employees?
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I have to fill out a 941 form and Im having a hard time with section 5A-5D
How do I tax social security wages for 4 employees?
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- Mary owns a business in California. She wants to know what she has to do about withholding from her employees' wages. Her tax preparer should tell her:Mark for follow up Question 6 of 15. Maggie is a neighbor of yours who lives with her parents. She is 20 years old and has a one-year-old child. You know that Maggie was a full-time student until she quit college at the end of September of the tax year. Maggie gives you her tax documents and tells you that her mother said to claim herself and to claim her child for EITC. To meet the EITC due diligence knowledge requirement, you: Cannot ignore the facts about Maggie living with her mother for nine months of the year when she was a full-time student Can disregard information obtained through a personal relationship. Cannot complete Maggie's return under any circumstances. Can complete Maggie's return filing her as a single non-dependent with EITC for her child. Mark for follow up « Back Save/Return Later Summary Next »cop
- N2.1) Review the following situations and determine the employee's net pay by figuring out what earnings & benefits are subject to Income Tax, Canada/ Quebec Pension Plan, Quebec Parental Insurance Plan (if applicable) and Employment insurance. Make sure to reduce net and taxable income by any applicable voluntary/non statutory deductions as well. All rates should be based on 2022. a) Lawrence works in Alberta and is paid on a bi-weekly basis. He has a claim code of 1 on both his TD1 and TD1AB. He has the following type of earnings, benefits & deductions. He will not max out on CPP or El this pay and will have full deductions. 1) Regular $2,500 ii) Vacation Pay $500 iii) Group Life-Employer paid Taxable benefit $25 iv) RRSP contribution-Employee deduction $300 v) Coffee Fund $5Holton's Nursery has the following amounts listed on their Form 941: (Assume no Section 125 health insurance and that none of the employees had exceeded the Social Security wage base.) 2 Wages, tips, and other compensation 3 Federal income tax withheld from wages, tips, and other compensation 4 If no wages, tips, and other compensation are subject to social security or Medicare tax 5a Taxable social security wages 5a (1) Qualified sick leave wages 5a (il) Qualified family leave wages 5b Taxable social security tips Sc Taxable Medicare wages & tips 5d Taxable wages & tips subject to Additional Medicare Tax withholding What amount belongs in Column 2, Line 5c? O $6,668.60 O $1,559.59 O $3.119.19 Column 1 107,558.13 0.124= * 0.062 = x 0.062 * 0.124 107,558.13 x 0.029- * 0.009 Column 2 2 3 107,558.13 12,400.00 X Check and go to line 6.
- Interest and Penalties (LO 12.3) For each of the following situations, select the nature of the penalty and amount of the penalty that could be imposed. a. Larry is a tax protester and files his tax return in the name of "Mickey Mouse." b. Anne writes a check for $900 in payment of her taxes that she knows will not clear the bank due to insufficient funds in her C. account. Gerald understated his tax liability by $10,000. The total amount of tax that should have been shown on his return was $70,000. Description of the Penalty Filing a frivolous tax return Bad check ✓ Accuracy-related penalty, substantial understatement Penalty AmountQuestion 37 of 75. Bowie is self-employed as a blogger. He will use the single filing status, and he has net business income of $26,559. The deduttible part of his seif-employment tax is $1,876, His taxable income, without regard to any amount he may be eligible to deduct for the qualified business income (OB) deduction, is $12,133. He did not have any employees nor any assets or property to depreciate. Bowie is eligible to receive a qualified business income (aB) deduction of O so O $2,427 $4,937 $5,311 OMark for follow up - Question 38 of 75. Beverly owns a machine shop. In 2021, she purchased a new metal lathe for $27,000. Her net income was $290,000. If she elects the Section 179 deduction on the metal lathe, what is the maximum amount she can take? * O $12,500 *O $13,500 Ɔ s25,000 $27,000 OMark for follow up9
- Sarah is a local CPA who performs part-time bookkeeping services for local businesses and does tax returns during tax season. Sarah does not know about the AICPA Code of Conduct or the IRS Circular 230. Draft a memo for your files and an email to Sarah to answer the questions below. 1. Explain what parts of the AICPA Code of Conduct apply to Sarah. 2. Explain what parts of the IRS Circular 230 apply to Sarah.During the past week, one of your newly employed payroll associates dropped into your office to ask severalquestions regarding wage reporting for federal incomeand social security tax purposes. If you were the payrollsupervisor, how would you answer each of the followingquestions raised by your associate?1. I just noticed that the social security number is wrongon three of the employees’ W-2 forms. How do I goabout correcting the forms? Will the employees bepenalized for filing incorrect forms?2. Eileen Huang informed me today that we hadwithheld too much Medicare tax from her pay lastyear. She is right! What forms do I use to make thecorrection?3. You asked me last week to locate one of our formeremployees, Warren Bucks. I can’t seem to track himdown. What should I do with his Form W-2?4. Is it okay to use titles like “M.D.” and “Esq.” when Ikeyboard data in the W-2 forms?Payroll Accounting Payments that are exempt from Federal Income Taxes? How many allowances to claim on W-4 if the marital status is unknown? Deadline to distribute W-4 to employees
