Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

McBean Farms has the following information on their Form 941: 2 147,328.00 17,076.00 3 X Check and go to line 6. 2 Wages, tips, and

image text in transcribed

McBean Farms has the following information on their Form 941: 2 147,328.00 17,076.00 3 X Check and go to line 6. 2 Wages, tips, and other compensation 3 Federal income tax withheld from wages, tips, and other compensation 4 If no wages, tips, and other compensation are subject to social security or Medicare tax Column 1 Column 2 5a Taxable social security wages x. 124 = 5b Taxable social security tips x. 124 = 5c Taxable Medicare wages & tips *.029 = 5d Taxable wages & tips subject to Additional Medicare Tax x .009 = withholding . What amount should be entered in Column 1, Lines 5a and 5c? (Assume no Section 125 health insurance and that none of the employees had exceeded the Social Security wage base.) $9,134.34 and $2,136.26, respectively $147,328.00 $164,404.00 $17,076.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Maintenance Management Auditing In Search Of Miantenance Management Excellence

Authors: Anthony Kelly

1st Edition

0831132671, 978-0831132675

More Books

Students also viewed these Accounting questions

Question

For what reason do corporations retain earnings in the business?

Answered: 1 week ago