The first-quarter tax return needs to be filed for Prevosti Farms and Sugarhouse by April 30, 2023. For the taxes, assume the second February payroll amounts were duplicated for the March 10 and March 24 payroll periods, and the new benefit elections went into effect as planned. The form was completed and signed on April 11, 2023. Benefit Information Exempt Federal FICA Health Insurance Yes Yes Life Insurance Yes Yes Long-term Care Yes Yes FSA Yes Yes 401(k) Yes No Gym No No Owner's name Address Phone Number of employees Gross quarterly wages (exclusive of fringe benefits) Federal income tax withheld 401(k) contributions Section 125 withheld Gym Membership (add to all taxable wages, not included above) Month 1 Deposit Month 2 Deposit Toni Prevosti 820 Westminster Road, Bridgewater, VT 05520. 802-555-3456 8 $ 36,673.30 $ 510.00 $ 1,427.46 $ 4,080.00 $ 90.00 $ 0.00 $ 2,171.62 Month 3 Deposit Required: $ 3,338.93 Complete Form 941 for Prevosti Farms and Sugarhouse. Prevosti Farms and Sugarhouse was assigned EIN 22-6654454. Note: Instructions on format can be found on certain cells within the forms. Form 941 for 2023: Employer identification number (EIN) Name (not your trade name) Trade name (if any) Address Employer's QUARTERLY Federal Tax Return Department of the Treasury - Internal Revenue Service 22-6654454 Toni Prevosti Prevosti Farms and Sugarhouse Westminster Road 820 Number Bridgewater City Foreign country name Street 950122 OMB No. 1545- 0029 Report for this Quarter of 2023 (Check one.) January, February, March April, May, June 3: Suite or room number July, August, September VT State (NN) 05520 October, November, December ZIP code Foreign Province/county Foreign Postal Instructions and prior-year forms are available at www.irs.gov/form941. code Read the separate instructions before you complete Form 941. Type or print within the boxes. Part 1: Answer these questions for this quarter. 1 Number of employees who received wages, tips, or other compensation for the pay period including: June 12 (Quarter 2), September 12 (Quarter 3), or December 12 (Quarter 4) 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 1 2 3 8 ✓ 36,673.30 x 510.00 Check and go to line 6.

The first-quarter tax return needs to be filed for Prevosti Farms and Sugarhouse by April 30, 2023. For the taxes, assume the second February payroll amounts were duplicated for the March 10 and March 24 payroll periods, and the new benefit elections went into effect as planned. The form was completed and signed on April 11, 2023. Benefit Information Exempt Federal FICA Health Insurance Yes Yes Life Insurance Yes Yes Long-term Care Yes Yes FSA Yes Yes 401(k) Yes No Gym No No Owner's name Address Phone Number of employees Gross quarterly wages (exclusive of fringe benefits) Federal income tax withheld 401(k) contributions Section 125 withheld Gym Membership (add to all taxable wages, not included above) Month 1 Deposit Month 2 Deposit Toni Prevosti 820 Westminster Road, Bridgewater, VT 05520. 802-555-3456 8 $ 36,673.30 $ 510.00 $ 1,427.46 $ 4,080.00 $ 90.00 $ 0.00 $ 2,171.62 Month 3 Deposit Required: $ 3,338.93 Complete Form 941 for Prevosti Farms and Sugarhouse. Prevosti Farms and Sugarhouse was assigned EIN 22-6654454. Note: Instructions on format can be found on certain cells within the forms. Form 941 for 2023: Employer identification number (EIN) Name (not your trade name) Trade name (if any) Address Employer's QUARTERLY Federal Tax Return Department of the Treasury - Internal Revenue Service 22-6654454 Toni Prevosti Prevosti Farms and Sugarhouse Westminster Road 820 Number Bridgewater City Foreign country name Street 950122 OMB No. 1545- 0029 Report for this Quarter of 2023 (Check one.) January, February, March April, May, June 3: Suite or room number July, August, September VT State (NN) 05520 October, November, December ZIP code Foreign Province/county Foreign Postal Instructions and prior-year forms are available at www.irs.gov/form941. code Read the separate instructions before you complete Form 941. Type or print within the boxes. Part 1: Answer these questions for this quarter. 1 Number of employees who received wages, tips, or other compensation for the pay period including: June 12 (Quarter 2), September 12 (Quarter 3), or December 12 (Quarter 4) 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 1 2 3 8 ✓ 36,673.30 x 510.00 Check and go to line 6.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 80P

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