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Check my work The first quarter tax return needs to be filed for Prevosti Farms and Sugarhouse by April 15, 2020. For the purpose of the taxes, assume the second February payroll amounts were duplicated for the March 6 and March 20 payroll periods and the new benefit elections went into effect as planned. The form was completed and signed on April 10, 2020. 50 points Exempt Benefit Information Federal FICA Health Insurance Yes Yes eBook Life Insurance Yes Yes Long-term Care Yes Yes FSA Yes Yes Print 401 (k) Yes No References Gym No No Owner's name: Toni Prevosti Address: 820 Westminster Road, Bridgewater, VT 05520. Phone: 802-555-3456 Number of employees: 8 Gross quarterly wages: $33,572.81 Federal income tax withheld: $1,007.00 401(k) contributions: $1,342.91 Insurance withheld: $4,364.00 Gym membership: $90.00 Monthly Deposits Amount Month 1 $ 0.00 Month 2 $ 2, 357.16 Month 3 $ 3,132.70 Required: Complete Form 941 for Prevosti Farms and Sugarhouse. Prevosti Farms and Sugarhouse was assigned EIN 22-6654454.Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to Part 1: Answer these questions for this quarter. 1 Number of employees who received wages, tips, or other compensation for the pay period including: June 12 (Quarter 2), September 12 (Quarter 3), or December 12 (Quarter 4) 8 7 2 Wages, tips, and other compensation 62,949.02 x 3 Federal income tax withheld from wages, tips, and other compensation 1,007.00 50 4 If no wages, tips, and other compensation are subject to social security or Medicare tax Check and go to line 6. points Column 1 Column 2 5a Taxable social security wages 62,949.02 x x 0.124 7,805.68 5a(i) Qualified sick leave wages 0.00 x 0.062 0.00 5a(ii) Qualified family leave wages 0.00 x 0.062 0.00 5b Taxable social security tips 0.00 x 0.124 0.00 5c Taxable Medicare wages & tips 40,376.72 x 0.020 1,170.92 5d Taxable wages & tips subject to Additional Medicare Tax withholding 0.00 x 0.008 0.00 5e Add Column 2 from lines 5a, 5b, 5c, and 5d 5e 8,976.60 5f Section 3121(q) Notice and Demand - Tax due on unreported tips (see instructions) 5f 6 Total taxes before adjustments. Add lines 3, 5e, and 5f 6 9,983.60 7 Current quarter's adjustments for fractions of cents 7 0.00 x 8 Current quarter's adjustments for sick pay 0.00 9 Current quarter's adjustments for tips and group-term life insurance 0.00 10 Total taxes after adjustments. Combine lines 6 through 9 10 9,983.60 11a Qualified small business payroll tax credit for increasing research activities. Attach Form 8974 11a 0.00 11b Nonrefundable portion of credit for qualified sick and family leave wages from Worksheet 1 11b 0.00 11c Nonrefundable portion of employee retention credit from Worksheet 1 11c 0.00 11d Total nonrefundable credits. Add lines 11a, 11b, and 11c 11d ).00 12 Total taxes after adjustments and credits. Subtract line 11d from line 10 12 9,983.60 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 13k nafareal - n nn m Activate Wind Go to Settings to Mc Graw Prey 1 of 1 NextCheck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question (NOTE): Instructions on format can be found on certain cells within the forms. * Answer is not complete. 50 Complete this question by entering your answers in the tabs below. points 941 PG 1 941 PG 2 Page 1 of Form 941. (Round your final answers to 2 decimal places.) Form 941 for 2020: Employer's QUARTERLY Federal Tax Return 950120 Department of the Treasury - Internal Revenue Service OMB No. 1545- 0029 Employer identification number (EIN) 22-6654454 Report for this Quarter of 2020 (Check one.) Name (not your trade name) Toni Prevosti 1: January, February, March Trade name (if any) Prevosti Farms and Sugarhouse April, May, June Address 820 Westminster Road Number Street Suite or room July. August, September number Bridgewater VT 05520 4 October, November, December City State (NN) ZIP code 0 0 0 Instructions and prior-year forms are available at Foreign country name Foreign Foreign Postal www.irs.gow/form841. Province/county code Read the separate instructions before you complete Form 941. Type or print within the boxes. Part 1: Answer these questions for this quarter. Activate Windows Mc Go to Settings to activate Wi5e Add Column 2 from lines 5a, 5b, 5c, and 5d 5e 8,976.60 5f Section 3121(q) Notice and Demand - Tax due on unreported tips (see instructions) 5f 6 Total taxes before adjustments. Add lines 3, 5e, and 5f 6 9,983.60 7 Current quarter's adjustments for fractions of cents 7 0.00 8 Current quarter's adjustments for sick pay 0.00 9 Current quarter's adjustments for tips and group-term life insurance 9 0.00 10 Total taxes after adjustments. Combine lines 6 through 9 10 9,983.60 11a Qualified small business payroll tax credit for increasing research activities. Attach Form 8974 11a 0.00 11b Nonrefundable portion of credit for qualified sick and family leave wages from Worksheet 1 11b 0.00 11c Nonrefundable portion of employee retention credit from Worksheet 1 11c 0.00 11d Total nonrefundable credits. Add lines 11a, 11b, and 11c 11d 0.00 12 Total taxes after adjustments and credits. Subtract line 11d from line 10 12 9,983.60 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 0.00 13c Refundable portion of credit for qualified sick and family leave wages from Worksheet 1 13c 0.00 13d Refundable portion of employee retention credit from Worksheet 1 13d 0.00 13e Total deposits, deferrals, and refundable credits. Add lines 13a. 13b. 13c, and 13d 13e 0.00 13f Total advances received from filing Form(s) 7200 for the quarter 13f 0.00 13g Total deposits, deferrals, and refundable credits less advances. Subtract line 13f from line 13e 13g 0.00 14 Balance due. If line 12 is more than line 13e. enter the difference and see 14 9,983.60 instructions 15 Apply to next If line 13e is more than line 12. enter the difference 0.00 Check one: Send a refund. Overpayment. return IF You MUST complete both pages of Form 941 and SIGN it. Next For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher. Cat. No. 170012 Form 941 (Rev. 1-2020) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. @ 2021 McGraw-Hill Education
