Question textLidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--.WITHHOLDINGSEMPLOYER'S WagesOASDIHIFITOASDIHIApril$86,100$ 5,338.20$1,248.46$ 9,650$ 5,338.20$1,248.45May92,5005,735.001,341.2610,0055,735.001,341.25June73,4004,550.801,064.308,9954,550.801,064.30Totals$252,000$15,624.00$3,654.02$28,650$15,624.00$3,654.00The number of employees on June 12, 20-- was 11.a. Complete the following portion of Form 941. What are the payment due dates of each of the monthly liabilities assuming all deposits were made on time, and the due date of the filing of Form 941 (year 20--)? Part 1:Answer these questions for this quarter.Number of employees who received wages, tips, or other compensation for the pay periodincluding: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4)2Wages, tips, and other compensation2Federal income tax withheld from wages, tips, and other compensation34If no wages, tips, and other compensation are subject to social security or Medicare taxCheck and go to line 6.Column 1Column 25a Taxable social security wages.x.124 =5b Taxable social security tips .x .124 =%3D5c Taxable Medicare wages & tips.x .029 =%3D5d Taxable wages & tips subject toAdditional Medicare Tax withholdingx .009 =5e Add Column 2 from lines 5a, 5b, 5c, and 5d5e5fSection 3121(q) Notice and Demand-Tax due on unreported tips (see instructions)5f

Form 941 is a federal tax return which is filed by the employer every quarter for the FICA taxes…

Answered: Part 1: Answer these questions for this…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question text

Lidge Company of Texas (TX) is classified as a monthly depositor and pays its employees monthly. The following payroll information is for the second quarter of 20--.

WITHHOLDINGS	EMPLOYER'S
	Wages	OASDI	HI	FIT	OASDI	HI
April	$86,100	$ 5,338.20	$1,248.46	$ 9,650	$ 5,338.20	$1,248.45
May	92,500	5,735.00	1,341.26	10,005	5,735.00	1,341.25
June	73,400	4,550.80	1,064.30	8,995	4,550.80	1,064.30
Totals	$252,000	$15,624.00	$3,654.02	$28,650	$15,624.00	$3,654.00

The number of employees on June 12, 20-- was 11.

a. Complete the following portion of Form 941.

What are the payment due dates of each of the monthly liabilities assuming all

deposits were made on time, and the due date of the filing of Form 941 (year 20--)?

Part 1:
Answer these questions for this quarter.
Number of employees who received wages, tips, or other compensation for the pay period
including: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4)
2
Wages, tips, and other compensation
2
Federal income tax withheld from wages, tips, and other compensation
3
4
If no wages, tips, and other compensation are subject to social security or Medicare tax
Check and go to line 6.
Column 1
Column 2
5a Taxable social security wages.
x.124 =
5b Taxable social security tips .
x .124 =
%3D
5c Taxable Medicare wages & tips.
x .029 =
%3D
5d Taxable wages & tips subject to
Additional Medicare Tax withholding
x .009 =
5e Add Column 2 from lines 5a, 5b, 5c, and 5d
5e
5f
Section 3121(q) Notice and Demand-Tax due on unreported tips (see instructions)
5f

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