A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 2019, appears below. The firm made the required tax deposits as follows:
Required information {The following information applies to the questions displayed below.] A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 20X1, appears below. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes paid on June 17. Date Wages Paid April 8 15 22 May 5 12 19 26 Total Earnings $ 3,400.00 3,700.00 4,100.00 4,400.00 $ 15,600.00 $ 3,200.00 3,400.00 3,400.00 4,400.00 $ 14,400.00 $ 3,700.00 3,400.00 4,400.00 3,400.00 3,200.00 $ 18,100.00 $ 48,100.00 Social Security Tax Deducted $ 210.80 229.40 254.20 272.80 $ 967.20 $ 198.40 210.80 210.80 272.80 $ 892.80 229.40 210.80 272.80 210.80 198.40 $ 1,122.20 $ 2,982.20 Medicare Tax Deducted $ 49.30 53.65 59.45 63.80 $ 226.20 $ 46.40 49.30 49.30 63.80 $208.80 $ 53.65 49.30 63.80 49.30 46.40 $262.45 $ 697.45 Income Tax Withheld $ 338.00 365.00 338.00 436.00 $1,477.00 318.00 338.00 338.00 436.00 $1,430.00 365.00 338.00 436.00 338.00 318.00 $1,795.00 $4,702.00 June 2 9 16 23 30 Total percent Social security Medicare FUTA SUTA 6.2 1.45 0.6 5.4 Required: 1. On July 15, the firm issued a check to deposit the federal income tax withheld and the FICA tax (both employee and employer shares for the third month [June]). 2. Complete Form 941 in accordance with the discussions in this chapter. Use a 12.4 percent social security rate and a 2.9 percent Medicare rate in computations. Use the following address for the company: 2300 East Ocean Blvd., Long Beach, CA 90802. Use 75- 4444444 as the employer identification number. Date the return July 31, 20X1. Mr. Fronke's phone number is 562-709-3654. Analyze: What is the balance of the Employee Income Tax Payable account at July 15? Complete this question by entering your answers in the tabs below. Read the separate instructions before you complete this Form 941. Please 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: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 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 3 Check and go to line 6. 0.00 Column 1 Columnn 2 5a Taxable social security wages X 0.124 0.00 5b Taxable social security tips X 0.124 0.00 5c Taxable Medicare wages & tips X 0.029 0.00 5d Taxable wages & tips subject to Additional Medicare Tax withholding X 0.009 0.00 5e Add Column 2 from lines 5a, 5b, 5c, and 5d 5f Section 3121(9) Notice and Demand - Tax due on unreported tips (see instructions) 6 Total taxes before adjustments. Add lines 3, 5e, and 5f , 7 Current quarter's adjustment for fractions of cents 8 Current quarter's adjustment for sick pay 9 Current quarter's adjustments for tips and group-term life insurance 10 Total taxes after adjustments. Combine lines 6 through 9 11 Qualified small business payroll tax credit for increasing research activities. Attach Form 8974 12 Total taxes after adjustments and credits. Subtract line 11 from line 10 13 Total deposits for this quarter, including overpayment applied from a prior quarter and overpayments applied from Form 941-X, 941-X (PR), 944-X, 944-X (PR), or 944-X (SP) filed in the current quarter 14 Balance due. If line 12 is more than line 13, enter the difference and see instructions 15 Overpayment. If line 13 is more than line 12, enter the difference 0.00 Check one: 5e 5f 6 7 8 0.00 9 10 0.00 11 12 0.00 13 14 0.00 0.00 Send a refund. Apply next return You MUST complete both pages of Form 941 and SIGN it. Next For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher. Cat. No. 17001Z Form 941 (Rev. 1-20X1) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2019 McGraw-Hill Education. Page 2 of Form 941. (Round your answers to 2 decimal places.) a Name (not your trade name) Employer identification number (EIN) Mark Consulting Company 75-4444444 Part 2: Tell us about your deposit schedule and tax liability for this quarter. If you are unsure about whether you are a monthly schedule depositor or a semiweekly schedule depositor, see section 11 of Pub. 15. 16 Check one: Line 12 on this return is less than $2,500 or line 12 on the return for the prior quarter was less than $2,500, and you did not incur a $100,000 next-day deposit obligation during the current quarter. If line 12 for the prior quarter was less than $2,500 but line 12 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you are a monthly schedule depositor, complete the deposit schedule below; if you ar semiweekly schedule depositor, attach Schedule B (Form 941). Go to Part 3. You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total liability for the quarter, then go to Part 3 Tax liability: Month 1 Month 2 Month 3 Total liability for quarter 0.00 Total must equal line 12. You were a semiweekly schedule depositor for any part of this quarter. Complete Schedule B (Form 941), Report of Tax Liability for Semiweekly Schedule Depositors, and attach it to Form 941. Part 3: Tell us about your business. If a question does NOT apply to your business, leave it blank. 17 If your business has closed or you stopped paying wages enter the final date you paid wages (mm/dd/yyyy) 18 If you are a seasonal employer and you do not have to file a return for every quarter of the year Check here, and Check here Part 4: May we speak with your third-party designee? Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS? See the instructions for details. Designee's name and phone number OYes. O No. Select a 5-digit Personal Identification Number (PIN) to use when talking to IRS Part 5: Sign here. You MUST complete both pages of Form 941 and SIGN it. Under penalties of perjury, I declare that I have examined this return, includuing accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has ny knowledge. Required information Use this schedule to show your TAX LIABILITY for the quarter; DO NOT use it to show your deposits. When you file this form with Form 941 or Form 941-SS, DO NOT change your tax liability by adjustments reported on any Forms 941-X. You must fill out this form and attach it to Form 941 or Form 941-SS if you are a semiweekly schedule depositor or became one because your accumulated tax liability on any day was $100,000 or more. Write your daily tax liability on the numbered space that corresponds to the date wages were paid. See Section 11 in Pub. 15 (Circular E), Employer's Tax Guide, for details. Month 1 1 9 17 25 Tax liability for Month 1 2 10 18 26 3 11 19 27 4 12 20 28 5 13 21 29 6 22 30 14 15 7 23 31 8 16 24 Month 2 1 17 25 Tax liability for Month 2 2. 10 18 26 3 11 19 27 4 12 20 28 01 13 21 29 6 14 22 30 7 15 23 31 8 16 24 Month 3 1 9 17 25 Tax liability for Month 3 2 10 18 26 3 11 19 27 4 12 20 28 5 21 29 6 14 22 30 7 15 23 31 8 16 24 Total liability for the quarter Fill in your total liability for the quarter (Month 1 + Month 2 + Month 3) Total must equal line 12 on Form 941 or Form 941-SS. 0.00 Complete this question by entering your answers in the tabs below. Reg 1 Req 2 941 Pg Reg 2 941 Pg 1 Reg 2 Schedule B Analyze 2 What is the balance of the Employee Income Tax Payable account at July 15? Employee income tax payable
