help on part 2 !
PSb 6-4 Complete Form 941 Complete Form 941 for the 1st quarter of 2018 for Bouncing Babies Co. (employer identification #33-3333333) Assume that Bouncing Babies Co. (located at 91 Baybery Avenue, Baton Rouge, LA 70714) chooses to complete and mail Form 941 on the due date. Based on the lookback period, Bouncing Babies Co. is a monthly depositor. Assume that all necessary deposits were made on a timely basis and that the employer made deposits equal to the total amount owed for the quarter. All 32 employees worked during each of the three months, and the company elects to allow its accountant (Wiaiam Gordon, telephone #225-555-7846, Pin #83463)) to discuss the form with the IRS. Additionaly, Mr. Gordon signs the form, and no employee is subject to Additional Medicare Tax during the quarter. First quarter earnings and associated taxes withheld from employee earnings are as follows. Notes: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation January Taxes February Taxes March Taxes 1st Quarter Earnings $12,400.00 $12,120.00 $12,720.00 $331,200 FWT Social Security $7.579.50 $7,990.13 $367,903 $7.240.36 Medicare $1,868.66 $367.903 $1,772.63 $1,693.31 941 for Employer's QUARTERLY Federal Tax Return Department of the Treasury-Internal Revenue Service Form 950117 2018: (Ray January 2018) OMB No. 1545-0029 Report for this Quarter of 2018 (Check one.) Employer identification number 3 3 3 3 3 3 3 3 3 (EIN) X 1: January, February, March 2: April, May, June Name (not your trade name) Bouncing Babies Co. 3: July, August, September Trade name (f any) 4: October, November, December Instructions and prior year forms are Address 91 Bayberry Avenue available at www.irs.govform941. Number Street Suite or room number Baton Rouge LA 70714 City State ZIP code Foreign country name Foreign postal code Foreign province/county 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) 32 2 Wages, tips, and other compensation 2 331200 3 Federal income tax withheld from wages, tips, and other compensation 3 37240. 4 If no wages, tips, and other compensation are subject to social security or Medicare tax Check and go to line 6. Column 2 Column 1 Sa Taxable social security wages. 367903. x0.124 45620. Sb Taxable social security tips x0.124 x0.029 367903 10660 Sc Taxable Medicare wages & tips. 5d Taxable wages & tips subject to Additional Medicare Tax withholding x 0.009 5e Add Column 2 from lines 5a, 5b, 5c, and 5d 5e 56289. 5f Section 3121(g) Notice and Demand-Tax due on unreported tips (see instructions) . Total taxes before adjustments. Add lines 3, 5e, and 5f. 6 93529. https://s3.us-east-1.amazonaws.com/black. Unit 3-2019SU-ACN1-1331-25401 7 Current quarter's adjustment for fractions of cents 7 03 8 Current quarter's adjustment for sick pay 8 9 Current quarter's adjustments for tips and group-term life insurance 10 Total taxes after adjustments. Combine lines 6 through 9 93529. 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 93529. 13 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 13 93529 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 Apply to next return. Send a retund Check one: Next r You MUST complete both pages of Form 941 and SIGN it. Form 941 (Rev 1-2018) Cat No. 170012 For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher. 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: 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. 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 93529 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 Part 3: Tell us about your business. If a question does NOT apply to your business, leave it blank. If your business has closed or you stopped paying wages 17 Check here, and enter the final date you paid wages MM/DD/YYYY 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. XYes Designee's name and phone number William Gordon 225-555-7846 Select a 5-digit Personal Identfication Number (PIN) to use when talking to the IRS. 8 3 6 3 No. Sign here. You MUST complete both pages of Form 941 and SIGN it. Part 5: Under penalties of perjury. I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowedge and belef, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Print your name here William Gordon Sign your name here William Gordon Print your title here accountant PSb 6-4 Complete Form 941 Complete Form 941 for the 1st quarter of 2018 for Bouncing Babies Co. (employer identification #33-3333333) Assume that Bouncing Babies Co. (located at 91 Baybery Avenue, Baton Rouge, LA 70714) chooses to complete and mail Form 941 on the due date. Based on the lookback period, Bouncing Babies Co. is a monthly depositor. Assume that all necessary deposits were made on a timely basis and that the employer made deposits equal to the total amount owed for the quarter. All 32 employees worked during each of the three months, and the company elects to allow its accountant (Wiaiam Gordon, telephone #225-555-7846, Pin #83463)) to discuss the form with the IRS. Additionaly, Mr. Gordon signs the form, and no employee is subject to Additional Medicare Tax during the quarter. First quarter earnings and associated taxes withheld from employee earnings are as follows. Notes: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation January Taxes February Taxes March Taxes 1st Quarter Earnings $12,400.00 $12,120.00 $12,720.00 $331,200 FWT Social Security $7.579.50 $7,990.13 $367,903 $7.240.36 Medicare $1,868.66 $367.903 $1,772.63 $1,693.31 941 for Employer's QUARTERLY Federal Tax Return Department of the Treasury-Internal Revenue Service Form 950117 2018: (Ray January 2018) OMB No. 1545-0029 Report for this Quarter of 2018 (Check one.) Employer identification number 3 3 3 3 3 3 3 3 3 (EIN) X 1: January, February, March 2: April, May, June Name (not your trade name) Bouncing Babies Co. 3: July, August, September Trade name (f any) 4: October, November, December Instructions and prior year forms are Address 91 Bayberry Avenue available at www.irs.govform941. Number Street Suite or room number Baton Rouge LA 70714 City State ZIP code Foreign country name Foreign postal code Foreign province/county 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) 32 2 Wages, tips, and other compensation 2 331200 3 Federal income tax withheld from wages, tips, and other compensation 3 37240. 4 If no wages, tips, and other compensation are subject to social security or Medicare tax Check and go to line 6. Column 2 Column 1 Sa Taxable social security wages. 367903. x0.124 45620. Sb Taxable social security tips x0.124 x0.029 367903 10660 Sc Taxable Medicare wages & tips. 5d Taxable wages & tips subject to Additional Medicare Tax withholding x 0.009 5e Add Column 2 from lines 5a, 5b, 5c, and 5d 5e 56289. 5f Section 3121(g) Notice and Demand-Tax due on unreported tips (see instructions) . Total taxes before adjustments. Add lines 3, 5e, and 5f. 6 93529. https://s3.us-east-1.amazonaws.com/black. Unit 3-2019SU-ACN1-1331-25401 7 Current quarter's adjustment for fractions of cents 7 03 8 Current quarter's adjustment for sick pay 8 9 Current quarter's adjustments for tips and group-term life insurance 10 Total taxes after adjustments. Combine lines 6 through 9 93529. 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 93529. 13 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 13 93529 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 Apply to next return. Send a retund Check one: Next r You MUST complete both pages of Form 941 and SIGN it. Form 941 (Rev 1-2018) Cat No. 170012 For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher. 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: 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. 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 93529 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 Part 3: Tell us about your business. If a question does NOT apply to your business, leave it blank. If your business has closed or you stopped paying wages 17 Check here, and enter the final date you paid wages MM/DD/YYYY 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. XYes Designee's name and phone number William Gordon 225-555-7846 Select a 5-digit Personal Identfication Number (PIN) to use when talking to the IRS. 8 3 6 3 No. Sign here. You MUST complete both pages of Form 941 and SIGN it. Part 5: Under penalties of perjury. I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowedge and belef, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Print your name here William Gordon Sign your name here William Gordon Print your title here accountant
