For the third quarter of the year, Kennedy Company, 415 Circle Avenue, Detroit, Michigan 48202, received Form 941 from the Internal Revenue Service. The identification number of Kennedy Company is 91-4253181. Its payroll for the quarter ended September 30 is as follows: Taxable Earnings Deductions Name Total Earnings Medicare Social Federal Social Medicare Security Income Tax Security Tax Tax Grinion, F. 17,567.00 17,567.00 17,567.00 2,364.00 1,089.15 254.72 Graves, R. 18,356.00 18,356.00 18,356.00 2,868.00 1,138.07 266.16 Kravitz, V. 14,565.00 14,565.00 14,565.00 2,310.00 903.03 211.19 Haynes, L. 13,721.00 13,721.00 13,721.00 2,058.00 850.70 198.95 Yashidi, W. 17,406.00 17,406.00 17,406.00 2,505.00 1,079.17 252.39 Rivera, C. 15,287.00 15,287.00 15,287.00 2,395.00 947.79 221.66 The company has had six employees throughout the year. Assume that: . the FICA Social Security (employer) rate is 6.2 percent . the FICA Social Security (employee) rate is 6.2 percent on the first $118,500 . the Medicare tax is 1.45 percent of all earnings. . The employer matches the employees' FICA Medicare taxes. . There are no taxable tips, adjustments, backup withholding, or earned income credits. . Kennedy Company has submitted the following federal tax deposits and written the accompanying checks: On August 15 for the July Payroll On September 15 for the August Payroll On October 15 for the September Payroll Employee's income tax withheld 4,350.00| Employee's income tax withheld 4,920.00|Employee's income tax withheld 4,980.00 Employee's Social Security and Medicare Withheld 2,258.76 Employee's Social Security and Medicare Withheld 2,456.62 |Employee's Social Security and Medicare Withheld 2,520.76Social Federal Social Medicare Security Income Tax Security Tax Tax Grinion, F. 17,567.00 17,567.00 17,567.00 2,364.00 1,089.15 254.72 Graves, R. 18,356.00 18,356.00 18,356.00 2,868.00 1,138.07 266.16 Kravitz, V. 14,565.00 14,565.00 14,565.00 2,310.00 903.03 211.19 Haynes, L. 13,721.00 13,721.00 13,721.00 2,058.00 850.70 198.95 Yashidi, W. 17,406.00 17,406.00 17,406.00 2,505.00 1,079.17 252.39 Rivera, C. 15,287.00 15,287.00 15,287.00 2,395.00 947.79 221.66 The company has had six employees throughout the year. Assume that: the FICA Social Security (employer) rate is 6.2 percent the FICA Social Security (employee) rate is 6.2 percent on the first $118,500 the Medicare tax is 1.45 percent of all earnings. The employer matches the employees' FICA Medicare taxes. There are no taxable tips, adjustments, backup withholding, or earned income credits. Kennedy Company has submitted the following federal tax deposits and written the accompanying checks: On August 15 for the July Payroll On September 15 for the August Payroll On October 15 for the September Payroll Employee's income tax withheld 4,350.00 Employee's income tax withheld 4,920.00 Employee's income tax withheld 4,980.00 Employee's Social Security and Medicare Withheld 2,258.76 Employee's Social Security and Medicare I/Vithhe/d 2,456.62 Employee's Social Security and Medicare M/ithh e/d 2,520.76 Employer's Social Security and Medicare Withheld 2,258.76 Employer's Social Security and Medicare I/Vithhe/d 2,456.62 Employer's Social Security and Medicare M/ithhe/d 2,520.76 8,867.52 9,833.24 10,021.52 What you must do: Complete Part 1 of Form 941 for the third quarter for Kennedy Company using the information above. You can use the attached Form 941 or download it from www.irs.gov
