bert Ward, the accountant for Andersen Company, must complete Form 941 for the first quarter of the current year. Bob gathered them ew the employees' payroll information for January ew the employees' payroll information for Mar View the employees' payroll information for February View the blank Form 941. ew the additional information. ead the requirement March View the journal entries for the quarter's tax payment 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), Dec. 12 (Quarter 4) 2 Wages, tips, and other compensation. 3 Federal income tax withheld from wages, tips, and other compensation 2 3 4 If no wages, tips, and other compensation are subject to social security or Medicare tax. Check and go to line 6. Column 1 Column 2 5a Taxable social security wages x.124= x.124= x.029- 5b Taxable social security tips. 5c Taxable Medicare wages & tips 5d Taxable wages & tips subject to Additional Medicare Tax withholding 5e Add Column 2 from lines 5a, 5b, 5c, and 5d x .009- 51 Section 3121(q) 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 adjustment for tips and group-term life insurance 5e 5f 8 9 10 Total taxes after adjustments. Combine lines 6 through 9. 10 11 Qualified small business payroll tax credit for increasing research activities. Attach Form 8974. 11 12 Total taxes after adjustments and nonrefundable credits Subtract line 11 from line 10 12 0.02 Robert Ward, the accountant for Andersen Company, must complete Form 941 for the first quarter of View the employees' payroll information for January View the employees' payroll information for March. View the additional information. Read the requirement. View the employees' payroll information for February View the blank Form 941, View the journal entries for the quarter's tax payment 12 Total taxes after adjustments and nonrefundable 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, or 944-X (SP) filed in the current quarter 14 Balance due. If line 12 is more than line 13, enter the difference here and see instructions 15 Overpayment. If line 13 is more than line 12, enter the difference here. Part 2: Tell us about your deposit schedule and tax liability for this quarter. 12 13 14 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 prior quarter was less than $2,500 and you didn't 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 are a semiweekly schedule depositor, attach Schedule B (Form 941). X You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total the liability for the quarter. Tax liability: Month 1 Month 2 Month 3 Total liability for quarter 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. ha 14 January Monthly Employee Earnings YTD Earnings FICA Social Security Medicare Federal Income Tax Steve Fields $ 2,000 $ 2,000 $ 124.00 $ 29.00 $ 260.00 June Burns 3,220 3,220 199.64 46.69 354.00 Ava Henry 3,790 3,790 234.98 54.96 506.00 $ 9,010 $ 9,010 $ 558.62 $ 130.65 $ 1,120.00 February Print Done FICA Employee Monthly Earnings YTD Earnings Social Security Medicare Federal Income Tax Steve Fields S 2,080 $ 4,080 $ 128.96 $ 30.16 $ 300.00 June Burns 3,320 6,540 205.84 48.14 333.00 Ava Henry 3,840 7,630 238.08 55.68 426.00 $ 9,240 $ 18,250 $ 572.88 $ 133.98 $ 1,059.00 Print Done - Xof 9 gati A is ea 5.7 - X ea Additional information Andersen Company is located at 2 Square Street, Marblehead, MA 01945. Its EIN is 29-3458822. The FICA tax rate for Social Security is 6.2% on up to $142,800 in eamings during the year, and Medicare is 1.45% on all eamings. The SUTA tax rate is 5.7% on the first $7,000 of eamings. The FUTA tax rate is 0.6% on the first $7,000 of eamings Andersen Company is classified as a monthly depositor for Form 941 taxes. - X Requirement Suddenly called away to an urgent budget meeting, Bob requested that you assist him by preparing Form 941 pages 1 and 2 for the first quarter. Please note that the difference in the tax liability, a few cents, should be adjusted on line 7; this difference is due to the rounding of FICA tax amounts. (The difference in the tax lability on line 7 has been entered for you. If an input field is not used in the table leave the field empty; do not enter a zero. Round your calculations to the nearest cent as needed) Print Done Question 4 March Print Done Question 5 FICA 11 Monthly O Question 6 Employee Steve Fields June Burns Earnings YTD Earnings Social Security Medicare Federal Income Tax " 2.075 $ 6,155 $ 128.65 $ 30.09 $ 588.00 2,575 9,115 150.65 37.34 564.00 Ava Henry 4,140 11.770 25688 60.03 549.00 O Question 7 S 8,700 $ 27.040 $ 544.98 $ 127.46 $ 1,701.00 O Question 81 O Question 91 Print Done