During the fourth quarter of 2018, there were seven biweekly paydays on Friday (October 5, 19; November 2, 16, 30; December 14, 28) for Clarke's Roofing. Using the forms supplied, complete the following for the fourth quarter:
| Quarterly Payroll Data | | | | |
| Total Earnings 5 Employees | OASDI | HI | FIT | SIT |
| $37,450.00 | $2,321.90 | $543.06 | $3,402.00 | $2,621.50 |
| Employer's OASDI | $2,321.90 | | | |
| Employer's HI | 543.06 | | | |
| Federal deposit liability each pay | 1,304.56 | | | |
If an amount box does not require an entry, leave it blank or enter "0".
a. Complete the Federal Deposit Information Worksheets, reflecting electronic deposits (monthly depositor). Federal deposit liability each pay period, $1,304.56.
| FEDERAL DEPOSIT INFORMATION WORKSHEET |
| Employer | | | |
| Identification Number | 00-0004701 | Name | CLARKE'S ROOFING |
| Month Tax Year Ends | 12 | Amount of Deposit | |
| Type of Tax (Form) | 941 | Tax Period | 4th quarter |
| Address | 20 SUMMIT SQUARE | Phone Number | (501) 555-1212 |
| City, State, ZIP | CITY, STATE 00000-0000 | | |
To be deposited on or before January 15, 2019 .
| FEDERAL DEPOSIT INFORMATION WORKSHEET |
| Employer | | | |
| Identification Number | 00-0004701 | Name | CLARKE'S ROOFING |
| Month Tax Year Ends | 12 | Amount of Deposit | |
| Type of Tax (Form) | 940 | Tax Period | 4th quarter |
| Address | 20 SUMMIT SQUARE | Phone Number | (501) 555-1212 |
| City, State, ZIP | CITY, STATE 00000-0000 | | |
To be deposited on or before December 17, 2018 .
| FEDERAL DEPOSIT INFORMATION WORKSHEET |
| Employer | | | |
| Identification Number | 00-0004701 | Name | CLARKE'S ROOFING |
| Month Tax Year Ends | 12 | Amount of Deposit | |
| Type of Tax (Form) | 990 | Tax Period | 4th quarter |
| Address | 20 SUMMIT SQUARE | Phone Number | (501) 555-1212 |
| City, State, ZIP | CITY, STATE 00000-0000 | | |
To be deposited on or before November 15, 2018 .
b. Employer's Quarterly Federal Tax Return, Form 941. The form is signed by you as president on January 31, 2019.
| Form 941 for 20--: (Rev. January 2017) | Employer's QUARTERLY Federal Tax Return Department of the Treasury Internal Revenue Service | | OMB No. 1545-0029 | | Employer identification number (EIN) | | | Name (not your trade name) | CLARKE'S ROOFING | | | | | Address | | | | | Number | Street | Suite or room number | | | | | | | | | | | | | | Foreign country name | | Foreign province/county | | Foreign postal code | | | | | | | Report for this Quarter of 20-- (Select one.) | | October, November, December Instructions and prior year forms are available at www.irs.gov/form941. | | | | Read the separate instructions before you complete Form 941. 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) | 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 . . . . . | | x .124 = | | | | 5b | Taxable social security tips . . . . . . . . | | x .124 = | | | | 5c | Taxable Medicare wages & tips . . . . . | | x .029 = | | | | 5d | Taxable wages & tips subject to Additional Medicare Tax withholding | | x .009 = | | | | | 5e | Add Column 2 from lines 5a, 5b, 5c, and 5d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5e | | | 5f | Section 3121(q) Notice and DemandTax due on unreported tips (see instructions) . . . . . . . . . . . . . . . | 5f | | | 6 | Total taxes before adjustments. Add lines 3, 5e, and 5f . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6 | | | 7 | Current quarter's adjustment for fractions of cents Hint: Work 941 through line 6, then go down to line 10 and calculate quarterly liability by taking amount due for one period times number of pay periods in the quarter. The difference between lines 6 and 10 is the "Adjustment for fraction 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 | | | 11 | Qualified small business payroll tax credit for increasing research activities. Attach Form 8974 . . . . . . | 11 | | | 12 | Total taxes after adjustments and credits. Subtract line 11 from line 10 . . . . . . . . . . . . . . . . . . | 12 | | | 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 . . | 13 | | | 14 | Balance due. If line 12 is more than line 13, enter the difference and see instructions . . . . . . . . . . . . . . . . . . . . | 14 | | | 15 | Overpayment. If line 13 is more than line 12, enter the difference Check one: ? Apply to next return. ? Send a refund. | | ? You MUST complete both pages of Form 941 and SIGN it. | | | For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher. | Cat. No. 17001Z | Form 941 (Rev. 1-2017) | |
| Name (not your trade name) | Employer identification number (EIN) | | CLARKE'S ROOFING | 00-0004701 | | 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: | b | | a. | Line 12 on this return is less than $2,500 or line 12 (line 10 if the prior quarter was the fourth quarter of 2016) 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 (line 10 if the prior quarter was the fourth quarter of 2016) 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. | | b. | 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 | | Total must equal line 12. | | | c. | 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? Check here, and | | enter the final date you paid wages | / / | . | | | 18 | If you are a seasonal employer and you don't have to file a return for every quarter of the year . . . . . . . . . . . . . . . . . ? 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. | | | No | Designee's name and phone number | | | | | Select a 5-digit Personal Identification Number (PIN) to use when talking to the 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, including 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 any knowledge. | | | | Student | | Print your name here | Student | | | Print your title here | President | | | Date | 1/31/19 | | Best daytime phone | 501-555-1212 | | | Paid Preparer Use Only | Check if you are self-employed . . . . ? | | Preparer's name | | PTIN | | | Preparer's signature | | Date | | | Firm's name (or yours if self-employed) | | EIN | | | Address | | Phone | | | City | | | ZIP code | | | Page 2 | Form 941 (Rev. 1-2017) Source: Internal Revenue Service | |
c. Employer's Report of State Income Tax Withheld for the quarter, due on or before January 31, 2019.
| EMPLOYER'S REPORT OF STATE INCOME TAX WITHHELD | (DO NOT WRITE IN THIS SPACE) | | IMPORTANT, PLEASE REFER TO THIS NUMBER IN ANY CORRESPONDENCE ? | WITHHOLDING IDENTIFICATION NUMBER | MONTH OF OR QUARTER ENDING | | | 00-0-8787 | DEC. 20-- | | | | | 1. | GROSS PAYROLL THIS PERIOD | $ | | | | | | | IF YOU ARE A SEASONAL EMPLOYER AND THIS IS YOUR FINAL REPORT FOR THIS | | | CLARKE'S ROOFING 20 SUMMIT SQUARE CITY, STATE 00000-0000 | | 2. | STATE INCOME TAX WITHHELD | $ | | SEASON, CHECK HERE ? | | | AND SHOW THE NEXT MONTH IN WHICH YOU WILL PAY WAGES | 3. | ADJUSTMENT FOR PREVIOUS PERIOD(S). (ATTACH STATEMENT) | $ | | | | | | | | | | 4. | TOTAL ADJUSTED TAX (LINE 2 PLUS OR MINUS LINE 3) | $ | | | IF NAME OR ADDRESS IS INCORRECT, PLEASE MAKE CORRECTIONS. THIS REPORT MUST BE RETURNED EVEN IF NO AMOUNT HAS BEEN WITHHELD | | 5. | PENALTY (35% OF LINE 4) | $ | | | 6. | INTEREST | $ | | Under penalties prescribed by law, I hereby affirm that to the best of my knowledge and belief this return, including any accompanying schedules and statements, is true and complete. If prepared by a person other than taxpayer, his affirmation is based on all information of which he has any knowledge. | 7. | TOTAL AMOUNT DUE AND PAYABLE | $ | | SIGNATURE: | STUDENT | TITLE: | President | DATE: | 1/31/19 | | MAIL THIS REPORT WITH CHECK OR MONEY ORDER PAYABLE TO THE DEPT. OF REVENUE ON OR BEFORE DUE DATE TO AVOID PENALTY. | |
