Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9-14 Federal Tax Deposit System (LO 9.5) Each of the three companies below have provided the amount of income taxes withheld plus the FICA taxes

9-14 Federal Tax Deposit System (LO 9.5) Each of the three companies below have provided the amount of income taxes withheld plus the FICA taxes attributable to wages paid from their payroll records. Use this information to determine (1) what deposit schedule should each company be on and (2) what form should each company file (i.e., 941 or 944). a. Pequeno Negocio Inc. has about four employees at any time during the year. The payroll records from 2021 and 2022 report the following: Q1 Q2 Q3 Q4 2021 2021 2021 2021 $12,091 $10,138 $10,539 $12,064 Q1 Q2 Q3 04 2022 2022 2022 2022 $10,849 $12,213 $11,385 $12,782 Deposits during the lookback period of Q3 2020 to Q2 2021 total $ 1,000 X , which is less than V $50,000 and thus Pequeno Negocio is a monthly depositor and will file Form 941

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Financial & Managerial Accounting The Financial Chapters

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

4th Edition

0133255573, 978-0133255577

More Books

Students also viewed these Accounting questions

Question

Do not get married, wait until I come, etc.

Answered: 1 week ago

Question

Do not come to the conclusion too quickly

Answered: 1 week ago

Question

Engage everyone in the dialogue

Answered: 1 week ago