Check my work 7 Part 2 of 3 Required information Problem 6-6A, 6-7A & 6-8A (Static) (The following information applies to the questions displayed below.] 7.69 points Veryclear Glassware is a new business owned by Samantha Peoples, the company president. Her first year of operation commenced on April 1, 2020. eBook EIN: 78-7654398 Address: 23051 Old Redwood Highway, Sebastopol, California 95482, phone 707-555-5555 Number of employees: 7 Wages, tips, and other compensation paid during the second quarter of 2020: $244,798 Income tax withheld from employees: $48,000 Social Security tax withheld from employees: $15,177.48 Medicare tax withheld from employees: $3,549.57 Hint Print Monthly tax liability: April $28,484.79 May 28,484.79 June 28, 484.80 - References Problem 6-7A (Static) Required: Complete the following Form 941 for the second quarter of 2020. Read the senarare instructions Derore vou complete this torm. Please type or print within the noxes O Required information 2 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 244,798.00 48,000.00 Check and go to line 6. 0.00 48,000.00 48,000.00 Column 1 Column 2 5a Taxable social security wages X 0.124 0.00 5a (1) Qualified sick leave wages x 0.062 0.00 5a (ii) Qualified family leave wages x 0.062 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 X 0.009 0.00 withholding 5e Add Column 2 from lines 5a, 5b, 5c, and 5d 5e 5f Section 3121(9) Notice and Demand - Tax due on unreported tips (see instructions) 5f 6 Total taxes before adjustments. Add lines 3, 5e, and 5f 6. 7 Current quarter's adjustments for fractions of cents 7 7 8 Current quarter's adjustments for sick pay 8 8 9 Current quarter's adjustments for tips and group-term life insurance 9 10 Total taxes after adjustments. Combine lines 6 through 9 10 11a Qualified small bussiness payroll tax credit for increasing research activities. Attach Form 8974 11a 11b Nonrefundable portion of credit for qualified sick and family leave wages from Worksheet 1 11b 11c Nonrefundable portion of employee retention credit from Worksheet 1 110 11d Total nonrefundable credits. Add lines 11a, 11b, and 11c , 11d 12 Total taxes adjustments and credits. Subtract line 11d from line 10 12 13a 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 13a 13b Deferred amount of the employer share of social security tax 13b 13c Refundable portion of credit for qualified sick and family leave wages from Worksheet 1 13c 13d Refundable portion of employee retention credit from Worksheet 1 13d 13e Total deposits, deferrals, and refundable credits. Add lines 13a, 13b, 13c, and 13d 13e 13f Total advances received from filing Form(s) 7200 for the quarter 13f 13g Total deposits, deferrals, and refundable credits less advances. Subtract line 13f from line 13e 13g 14 Balance due. If line 12 is more than line 13, enter the difference and see instructions 14 Apply to next 15 Overpayment. If line 13 is more than line 12, enter the difference , 0.00 Check one: return 0.00 48000 0.00 0.00 48,000.00 Send a refund
