Using the information from Problem 11, complete Form 941 and Worksheet 1 located on Pages 9-55 to
Question:
Using the information from Problem 11, complete Form 941 and Worksheet 1 located on Pages 9-55 to 9-58 for Drew for the second quarter of 2020.
Assume the following additional information:
• Drew was eligible for the employee retention credit.
• All of Jack’s wages are for two weeks of sick pay. He was not paid for any other time in the second quarter.
• All of Avery’s wages cover 10 weeks of family leave. She was paid for no other time in the second quarter.
• The allocation of health care costs is $600 for the quarter for each employee.
Transcribed Image Text:
Form 941 for 2020: Employer's QUARTERLY Federal Tax Return (Rev. April 2020) Department of the Treasury - Internal Revenue Service Employer identification number (EIN) Name (not your trade name) Trade name (if any) Address 2 3 5f Foreign province/county 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 7 City 8 9 Street Foreign country name Number of employees who received wages, tips, or other compensation for the pay period including: June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4) Wages, tips, and other compensation 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 Column 1 Column 2 6 Total taxes before adjustments. Add lines 3, 5e, and 5f 10 State 5a Taxable social security wages .. 5a (i) Qualified sick leave wages. 5a (1) Qualified family leave wages. 5b Taxable social security tips. 5c Taxable Medicare wages & tips. Taxable wages & tips subject to Additional Medicare Tax withholding 5d 5e Total social security and Medicare taxes. Add Column 2 from lines 5a, 5a(i), 5a(ii), 5b, 5c, and 5d Section 3121(q) Notice and Demand-Tax due on unreported tips (see instructions) Current quarter's adjustment for fractions of cents Current quarter's adjustment for sick pay.. . . Suite or room number . ZIP code . Foreign postal code Total taxes after adjustments. Combine lines 6 through 9 x 0.124 = x 0.062 = x 0.062 = x 0.124 = x 0.029 = x 0.009 = Current quarter's adjustments for tips and group-term life insurance . .. You MUST complete all three pages of Form 941 and SIGN it. For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher. Report for this Quarter of 2020 (Check one.) 1: January, February, March 2: April, May, June 3: July, August, September 4: October, November, December Go to www.irs.gov/Form941 for instructions and the latest information. . . . . . ... 1 2 3 5e 5f 6 7 8 9 10 11a Qualified small business payroll tax credit for increasing research activities. Attach Form 8974 11a 11b 11b Nonrefundable portion of credit for qualified sick and family leave wages from Worksheet 1 11c Nonrefundable portion of employee retention credit from Worksheet 1 11c 950120 OMB No. 1545-0029 Check and go to line 6. Cat. No. 17001Z . . . Next Form 941 (Rev. 4-2020)
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See Form 941 Name not your trade name Drew Fogelman Part 1 Answer these questions for this quarter continued 11d Total nonrefundable credits Add lines ...View the full answer
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Income Tax Fundamentals 2021
ISBN: 9780357141366
39th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
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