1) Complete Form 941 for both the 3rd and 4th quarters. Assume that the employees earned the same amount during each pay period of the
1) Complete Form 941 for both the 3rd and 4th quarters. Assume that the employees earned the same amount during each pay period of the 3rd quarter and that there were four, five, and four pay periods during the months of July, August, and September, respectively. Note that based on the lookback period, the company is a monthly depositor. Assume that all necessary deposits were made on a timely basis and that the employer made deposits equal to the total amount owed for each quarter. Although Vermont quarterly state payroll forms are also filed by Ampersand, Inc., you will not complete these. If directed to do so by your instructor, record the necessary journal entries associated with each Form 941 (including those required for any tax payments made).
NOTE! Recall from the Form 941 Rounding Considerations section that quarter-and year-end tax figures should not be calculated based on the total taxable earnings for the respective quarter or year. Instead, to avoid rounding discrepancies, tax figures within Part 2 of Form 941 should be determined for each employee by adding the individual taxes across each pay period.
2. Complete Form 940 for Ampersand, Inc. Note that FUTA payments are made only when required (i.e., if the employer is permitted to postpone the payment of these taxes, it will do so until a point in time when payment must be remitted). If directed to do so by your instructor, record the necessary journal entry associated with Form 940.
FWT SS Tax REGULAR Medicare Tax ADDITIONAL Monthly Hough Finnegan Jones Stewart Hough Finnegan Jones Stewart Hough Finnegan Jones Stewart Med Tax (Jones) Payments Oct. Wk. 1 $ 41.00 $ 41.00 $ 251.92 $ 147.75 S 34.72 S 51.34 $ 12.08 S 8.12 12.06 $ 73.06 $ 26.21 Oct. Wk. 2 46.00 $ 24.00 251.92 147.75 S 37.32 41.29 112.08 8.73 $ 9.66 $ 73.06 26.21 Oct. Wk. 3 39.00 $ 28.00 $ 251.92 S 147.75 S 32.98 $ 14.64 S 112.08 S 7.71 $ 10.44 $ 73.06 $ 26.21 Oct. Wk. 4 41.00 $ 48.00 $ 251.92 147.75 $ 34.72 $ 55.52 $ 112.08 $ 8.12 $ 12.98 $ 73.06 $ 26.21 $ 4,418.18 Nov. Wk. 1 50.00 34.00 $ 251.92 S 147.75 S 39.28 $ 17.99 112.08 $ 9.19 $ 11.22 $ 73.06 $ 26.21 $ 13.85 Box #16 Nov. Wk. 2 41.00 $ 44.00 $ 251.92 $ 147.75 $ 34.72 $ 53.01 $ 112.08 $ 8.12 $ 12.40 $ 73.06 $ 26.21 $ 45.35 Nov. Wk. 3 39.00 $ 30.00 $ 251.92 $ 147.75 $ 33.85 $ 44.64 $ 112.08 $ 12.40 $ 10.44 $ 73.06 $ 26.21 $ 45.35 Nov. Wk. 4 44.00 $ 20.00 $ 251.92 $ 147.75 36.02 38.50 $ 112.08 $ 7.92 $ 9.00 $ 73.06 $ 26.21 $ 45.35 $ 4,558.78 Nov. Wk 5 $ 30.00 S 251.92 147.75 44.64 IS 112.08 $ 8.42 S 10.44 $ 73.06 26.21 S 45.35 Box #16 Dec. Wk. 1 33.00 $ 251.92 $ 147.75 $ 46.31 S 112.08 $ 10.83 $ 73.06 $ 26.21 $ 45.35 Dec. Wk. 2 $ 39.00 $ 251.92 147.75 50.50 112.08 $ 11.81 $ 73.06 $ 26.21 45.35 Dec. Wk. 3 $ 36.00 $ 251.92 $ 147.75 48.83 S 12.08 $ 11.42 $ 73.06 $ 26.21 $ 45.35 Dec. Wk. 4 30.00 $ 251.92 $ 147.75 44.64 $ 112.08 $ 10.44 $ 73.06 $ 26.21 $ 45.35 $ 5,103.16 Box #16 Totals 341.00 $ 437.00 $ 3,274.96 $ 1,920.75 283.61 611.85 $ $ 1,457.04 78.73 $ 143.14 $ 949.78 $ 340.73 $ 376.65 $ 14,080.12 Box #16Taxable Taxable Earnings for FWT Taxable Earnings for SS Tax Taxable Earnings for Regular Medicare Tax Earnings for Additional Medicare Tax - Hough Finnegan Jones Stewart Hough Finnegan Jones Stewart Hough Finnegan Jones Stewart Jones Oct. Wk. 1 532.00 717.12 $ 5,038.87 S 1,771.55 S 560.00 $ 747.00 $ 5,038.87 $ 147.75 S 560.00 $ 747.00 $ 5,038.87 $ 1,807.70 Oct. Wk. 2 S 571.90 $ 539.36 $ 5,038.87 S 1,771.55 602.00 566.00 $ 5,038.87 $ 147.75 602.00 S 66.00 $ 5,038.87 1,807.70 Oct. Wk. 3 505.40 S 691.20 $ 5,038.87 1,771.55 S 532.00 720.00 $ 5,038.87 S 147.75 532.00 S 720.00 $ 5,038.87 $ 1,807.70 Oct. Wk. 4 532.00 859.68 5,038.87 $ 1,771.55 S 560.00 395.50 S 5,038.87 S 147.75 560.00 S 895.50 $ 5,038.87 1,807.70 lov. Wk. 1 S 630.32 S 743.04 $ 5,038.87 $ 1,771.55 S 663.50 774.00 $ 5,038.87 S 147.75 563.50 $ 774.00 $ 5,038.87 1,807.70 $ 13.85 lov. Wk. 2 S 532.00 820.80 5,038.87 1,771.55 S 560.00 855.00 $ 5,038.87 S 147.75 560.00 855.00 $ 5,038.87 $ 1,807.70 45.35 lov. Wk. 3 518.70 S 691.20 S 5,038.87 1,771.55 S 546.00 720.00 $ 5,038.87 S 147.75 546.00 720.00 $ 5,038.87 1,807.70 to 45.35 Nov. Wk. 4 $ 551.95 S 551.95 S 5,038.87 1,771.55 581.00 621.00 $ 5,038.87 S 147.75 581.00 S 621.00 5,038.87 $ 1,807.70 45.35 Nov. Wk 5 781.92 S 5,038.87 1,771.55 720.00 $ 5,038.87 S 147.75 720.00 $ 5,038.87 $ 1,807.70 45.35 ec. Wk. 1 S 756.00 S 5,038.87 1,771.55 747.00 $ 5,038.87 147.75 S 747.00 $ 5,038.87 $ 1,807.70 45.35 ec. Wk. 2 781.92 S 5,038.87 1,771.55 S 814.50 $ 5,038.87 S 147.75 814.50 $ 5,038.87 $ 1,807.70 45.35 ec. Wk. 3 S 756.00 5,038.87 1,771.55 787.50 $ 5,038.87 S 147.75 S 787.50 $ 5,038.87 $ 1,807.70 S 45.35 ec. Wk. 4 $ 691.20 $ 5,038.87 1,771.55 720.00 $ 5,038.87 $ 147.75 720.00 $ 5,038.87 $ 1,807.70 $ 45.35 Totals $ 4,374.27 $ 9,481.39 $ 65,505.31 S 23,030.15 $ 4,604.50 $ 9,787.50 $ 65,505.31 $ 1,920.75 $ 4,604.50 $ 9,787.50 $ 65,505.31 $ 23,500.10 376.65 ox #2: $ 102,391.12 Sum of above four Taxable Earnings for FWT totals ox #3: $ 5,973.71 Sum of above four FWT totals ox #50, Column #1: 81,818.06 Sum of above four Taxable Earnings for SS Tax totals ox #5a, Column #2: $ 10,145.44 Taxable Earnings for SS Tax * 12.4% ox #5c, Column #1: $ 103,397.41 Sum of above four Taxable Earnings for Regular Medicare Tax totals ox #5c, Column #2: $ 2,998.52 Taxable Earnings for Medicare Tax * 2.9% ox #5d, Column #1: 376.65 Taxable earnings for Additional Medicare Tax for Stacey Jones ox #5d, Column #2: 376.65 Additional Medicare Tax for Stacey Jones
