CPP 6-1 Complete 4th Quarter and Year-End Payroll Reporting (#2)

Complete Form 941 for the 4th quarter for TCLH Industries (which is located at 202 Whitmore Avenue, Durham, NC 27701; Employer Identification #44-4444444). Assume that all necessary deposits were made on a timely basis (new businesses in their first year of operations are automatically monthly depositors), and that the employer made deposits equal to the total amount owed for the quarter. Furthermore, note that the company had four pay periods during both October and November, and five pay periods during December. The company does not have a third-party designee, nor does it use a paid preparer. All forms are signed by the CEO of the company, Michael Sierra (phone number: 919-555-7485), and the form is submitted on the due date. Notes: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Remember, the Additional Withholding amount for Michael Sierra is comprised of flexible spending account contributions. Consider whether these are taxable when completing the necessary forms and calculations.

Pay Period 12/12/2021 Pay Date 12/16/2021 Emmlavana Cawinna Danard Employee Earnings Record Employee Earnings Record Employee Earnings Record 4th Quarter Taxes \begin{tabular}{|l|l|l|l|} \hline \hline & \multicolumn{1}{|c|}{ FWT } & \multicolumn{1}{c|}{ Social Security } & \multicolumn{1}{c|}{ Medicare } \\ \hline Fox & $244.62 & $216.12 & $50.55 \\ \hline Bell & $208.00 & $336.83 & $78.78 \\ \hline Alexander & $9,371.70 & $ & $858.89 \\ \hline Sierra & $3,117.66 & $1,934.40 & $452.40 \\ \hline & $12,941.98 & $2,487.35 & $1,440.62 \\ \hline \end{tabular} Form 941 for 20XX : Employer's QUARTERLY Federal Tax Return (Rev. March 20XX) Department of the Treasury - Internal Revenue Service OMB No. 15450029 Read the separate instructions before you complete Form 941 . Type or print within the boxes. 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) 1 2 Wages, tips, and other compensation . . . . . . . . . . . . . . . . . . . 2 3 Federal income tax withheld from wages, tips, and other compensation . . . . . . . . . 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 . . 0.124= 5a (i) Qualified sick leave wages . . 0.062= 5a (ii) Qualified family leave wages . . 0.062= 5b Taxable social security tips . . . 0.124= 5c Taxable Medicare wages \& tips . . 0.029= 5e Total social security and Medicare taxes. Add column 2 from lines 5a,5a (i), 5 a(ii), 5b,5c, and 5d5e 5f Section 3121(q) Notice and Demand-Tax due on unreported tips (see instructions) . . . . . . 5f 7 Current quarter's adjustment for fractions of cents ...........7 8 Current quarter's adjustment for sick pay . . . . . . . . . . . . . . . . 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 l 11a Qualified small business 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 \begin{tabular}{l|l} \hline Name (not your trade name) & Employer identification number (EIN) \\ TCLH Industries & 444444444 \\ \hline \end{tabular} Part 1: Answer these questions for this quarter. (continued) 11d Total Nonrefundable credits. Add lines 11a, 11b, and 11c . . . . . . . . . . 11d 12 Total taxes after adjustments and nonrefundable 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) or 944-X (SP) filed in the current quarter \begin{tabular}{|l|} \hline 20702.46 \\ \hline 20702.46 \\ \hline \end{tabular} 13b Reserved for further use. . . . . . . . . . . . . . . . . . . . . . 13b 13c Refundable portion of credit for qualified sick and family leave wages from Worksheet 113c 13d Refundable portion of employee retention credit from Worksheet 1 . . . . . . . . . 13d 13e Total deposits and refundable credits. Add lines 13a, 13c, and 13d . . . . . . . . . 13e 20702.46 13f Total advances received from filing form(s) 7200 for the quarter . . . . . . . . . . 13f 13g Total deposits and refundable credits less advances. Subtract line 13f from line 13e.. . 13g20702.46 14 Balance due. If line 12 is more than line 13g, enter the difference and see instructions . . . . 14 15 Overpayment. If line 13g is more than line 12 , enter the difference Check one: Apply to next return. Send a refund. If you're unsure about whether you're 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 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). Go to Part 3. X 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 Total must equal line 12. quarter 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. Go to Part 3. You MUST complete both pages of Form 941 and SIGN it. Next Pay Period 12/12/2021 Pay Date 12/16/2021 Emmlavana Cawinna Danard Employee Earnings Record Employee Earnings Record Employee Earnings Record 4th Quarter Taxes \begin{tabular}{|l|l|l|l|} \hline \hline & \multicolumn{1}{|c|}{ FWT } & \multicolumn{1}{c|}{ Social Security } & \multicolumn{1}{c|}{ Medicare } \\ \hline Fox & $244.62 & $216.12 & $50.55 \\ \hline Bell & $208.00 & $336.83 & $78.78 \\ \hline Alexander & $9,371.70 & $ & $858.89 \\ \hline Sierra & $3,117.66 & $1,934.40 & $452.40 \\ \hline & $12,941.98 & $2,487.35 & $1,440.62 \\ \hline \end{tabular} Form 941 for 20XX : Employer's QUARTERLY Federal Tax Return (Rev. March 20XX) Department of the Treasury - Internal Revenue Service OMB No. 15450029 Read the separate instructions before you complete Form 941 . Type or print within the boxes. 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) 1 2 Wages, tips, and other compensation . . . . . . . . . . . . . . . . . . . 2 3 Federal income tax withheld from wages, tips, and other compensation . . . . . . . . . 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 . . 0.124= 5a (i) Qualified sick leave wages . . 0.062= 5a (ii) Qualified family leave wages . . 0.062= 5b Taxable social security tips . . . 0.124= 5c Taxable Medicare wages \& tips . . 0.029= 5e Total social security and Medicare taxes. Add column 2 from lines 5a,5a (i), 5 a(ii), 5b,5c, and 5d5e 5f Section 3121(q) Notice and Demand-Tax due on unreported tips (see instructions) . . . . . . 5f 7 Current quarter's adjustment for fractions of cents ...........7 8 Current quarter's adjustment for sick pay . . . . . . . . . . . . . . . . 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 l 11a Qualified small business 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 \begin{tabular}{l|l} \hline Name (not your trade name) & Employer identification number (EIN) \\ TCLH Industries & 444444444 \\ \hline \end{tabular} Part 1: Answer these questions for this quarter. (continued) 11d Total Nonrefundable credits. Add lines 11a, 11b, and 11c . . . . . . . . . . 11d 12 Total taxes after adjustments and nonrefundable 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) or 944-X (SP) filed in the current quarter \begin{tabular}{|l|} \hline 20702.46 \\ \hline 20702.46 \\ \hline \end{tabular} 13b Reserved for further use. . . . . . . . . . . . . . . . . . . . . . 13b 13c Refundable portion of credit for qualified sick and family leave wages from Worksheet 113c 13d Refundable portion of employee retention credit from Worksheet 1 . . . . . . . . . 13d 13e Total deposits and refundable credits. Add lines 13a, 13c, and 13d . . . . . . . . . 13e 20702.46 13f Total advances received from filing form(s) 7200 for the quarter . . . . . . . . . . 13f 13g Total deposits and refundable credits less advances. Subtract line 13f from line 13e.. . 13g20702.46 14 Balance due. If line 12 is more than line 13g, enter the difference and see instructions . . . . 14 15 Overpayment. If line 13g is more than line 12 , enter the difference Check one: Apply to next return. Send a refund. If you're unsure about whether you're 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 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). Go to Part 3. X 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 Total must equal line 12. quarter 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. Go to Part 3. You MUST complete both pages of Form 941 and SIGN it. Next