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Can I get help with 8B-3 and 8B-4. Its a joint question but counts as one when I submit. Please help! Problem 8B-1. Suddyiid presented
Can I get help with 8B-3 and 8B-4. Its a joint question but counts as one when I submit. Please help!
Problem 8B-1. Suddyiid presented in John requested that you assist him by preparing Form 941 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 am for the first quarter Liabi ounts. The following is the monthly payroll for the last three months of the year for Turner's Sporting Goods Shop, 2 Boat Road, Lynn, Massachusetts 01945. The shop is a sole proprietorship owned and operated by Bill Turner. The EIN for Turner's Sporting Goods Shop is 28-9311893. 8B-3. The employees at Turner's are paid once each month on the last day of the month. Amber Bixby is the only employee who has contributed the maximum into Social Security. None of the other employees will reach the Social Security wage base limit by the end of the year. Assume the rate for Social Security to be 6.2% with a wage base maximum of $117,000, and the rate for Medicare to be 1.45% on all earnings. Turner's is classified as a monthly depositor for Form 941 payroll tax deposit purposes. Your tasks are to do the following: 1. Compute the December OASDI tax for Amber Bixby. Ch 2. Journalize the entries to record the employer's payroll tax expense for D each period in the general journal. SUTA rate: 5.7%; FUTA rate: 0.6% 3. Journalize the payment of each tax liability in the general journal. 4. Complete Form 941 for the fourth quarter of the current year OCTOBER FICA EmployeeMonthly Earnings Amber Bixby Ashley King Gina Vale YTD Earnings OASDI Medicare Federal Income Tax S 2,860 3,480 3,760 $10,100 $117,000 $177.32 41.47 50.46 54.52 $200,600 $626.20 $146.45 $ 534.00 423.00 533.00 $1,490.00 39,350 215.76 44,250 233.12 NOVEMBER FICA Employee Amber Bixby Ashley King Gina Vale YTD Earnings OASDI Monthly Earnings S 2,860 3,880 3,760 $10,500 Medicare $119,860 0.00 41.47 56.26 54.52 $211,100 $473.68 $152.25 Federal Income Tax 601.00 465.00 563.00 $1,629.00 43,230 48,010 240.56 233.12 Step by Step Solution
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