941, SUTA and 940 Tax Return Preparation
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Question:
941, SUTA and 940 Tax Return Preparation | ||||||||||
Ingram Heating & Cooling reports the following earnings and deductions for their employees for | ||||||||||
the 1st quarter of the year: | ||||||||||
Total | Federal | State | City | Total | Net | |||||
SS # | Earnings | Inc. Tax | OASDI | HI | Inc. Tax | Inc. Tax | Deductions | Pay | ||
Roy Bell | 123-45-6789 | 10489.00 | 1211.00 | 650.32 | 152.09 | 187.20 | 220.27 | 2420.88 | 8068.12 | |
Karl Radek | 234-56-7890 | 10477.00 | 1209.00 | 649.57 | 151.92 | 228.67 | 220.02 | 2459.18 | 8017.82 | |
Marie Rossi | 345-67-8900 | 10695.00 | 1131.00 | 663.09 | 155.08 | 191.49 | 224.60 | 2365.26 | 8329.74 | |
John Scott | 456-78-9999 | 10258.00 | 1170.00 | 636.00 | 148.74 | 228.67 | 215.42 | 2398.83 | 7859.17 | |
1st quarter totals | 41919.00 | 4721.00 | 2598.98 | 607.83 | 836.03 | 880.31 | 9644.15 | 32274.85 | ||
Requirements: Use the forms attached. Attach document with calculations for partial credit. | ||||||||||
Column1 | ||||||||||
1. Prepare the quarterly Form 941 (26 Points) | ||||||||||
Monthly 941 liabilities:Jan. $ 3,565.10, Feb. $3,615.70, March $3,953.82 | ||||||||||
Monthly deposits for the quarter were: $3,556.10, Feb. $3,615.70, March $3,953.82 | ||||||||||
Do not worry about their EIN Number or Address. | ||||||||||
2. Prepare the quarterly SUTA Form . See rate on form provided. (8 Points) | ||||||||||
3. Prepare the annual Form 940. (16 Points) | ||||||||||
Assume that the second, third, and fourth-quarter earnings are the same as the 1st qtr above for each employee. | ||||||||||
Assume all Ohio SUTA contributions were made timely. | ||||||||||
They did not make any FUTA deposits this year. |
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