Microsoft Word - CHAPTER 3 X + soria Downloads/CHAPTER%203%20-%20Problem%20Set%20(2).pdf 3-5A-Calculate OASDI and HI Tax. In 20., the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on a. November 15 b. December 31 OASDI Taxable Earnings November 15 HI OASDI Taxable Tax Earnings HI Tax Employee Hanks, Timothy, President Grath, John, VP Finance James, Sally, VP Sales Kimmel, Joan, VP Manufacturing Wie, Pam, VP Personnel Annual Salary 156,000 138,000 69,600 54,000 51,600 Grant, Mary, VP Secretary 49,200 b. OASDI Taxable Earnings December 31 HI OASDI Taxable Tax Earnings HI Tax Employee Hanks, Timothy, President Grath, John, VP Finance James, Sally, VP Sales Kimmel, Joan, VP Manufacturing Wie, Pam, VP Personnel Annual Salary 156,000 138,000 69,600 54,000 51.600 49,200 Grant, Mary, VP Secretary MacBook Pro Q Search Movies Search A * $ 4 % 5 & 7 3 6 8 9 0 C wnloads/CHAPTER%203%20-%20Problem%20Set%20(2).pdf 3-13A - Prepare 941. Karen Kluster opened Lube and Wash on January 2, 20XX. The business is subject to FICA taxes. At the end of the first quarter of 20xx, Kluster, as president of the company, must file Form 941, Employer's Quarterly Federal Tax Return. Using Form 941 (Parts 1 through 5), reproduced on the following pages, prepare, sign, and date the return on the basis of the information shown below. Employer's address: 234 Oak, Austin, TX 78711-0234 Employer's ID number: 00-0005874 Phone number: (512)555-1111 Date filed April 30, 20XX Each employee is paid semimonthly on the 15th and last day of each month. Shown below is the payroll information for the first quarter of 20xx. All pay periods were the same. Net Pay Employee aul Purson $ 9,822.00 Matt Dickson Joan Howard PAYROLL INFORMATION FOR JANUARY-MARCH Quarterly OASDI HI Federal Total SSN Wages Tax Income Tax Deductions 000-00-7233 $ 12,000.00 $ 744.00 $ 174.00 $ 1,260.00 $ 2,178.00 000-00-8451 $12,600.00 $ 781.20 $ 182.70 $ 1,200.00 $ 2,163.90 000-00-3668 $ 12,500.00 $ 775.02 $ 181.26 $ 1,080.00 $ 2,036.28 000-00-6527 $ 10,800.00 $ 669.60 $ 156,60 $ 1.140.00 $ 1,966.20 $ 47,900.00 $ 2,969.82 $ 694.56 $ 4,680.00 $ 8,344.38 $ 10,436.10 $ 10,463.72 Dorrie Smith $ 8,833.80 $ 39,555.62 TOTALS Employer's FICA taxes $ 2.969.80 $ 694.55 for the quarter OASDI HI The total taxes per payday are: Employees' FICA Tax - OASDI $ 494.97 Employers' FICA Tax-QASDI $ 494.97 Employees' FICA Tax - HI $ 115.76 Employers' FICA Tax - HI $ 115.76 Employees' FIT $ 780,00 TOTAL $ 2,001,46 X6 deposits - $12.008.76 for the quarter None of the employees reported tips during the quarter. Note: Unes Sa and 5c of Form 941, tax on total taxable wages, are computed by multiplying by the combined tax rate for both employer and employee. Small differences due to rounding may occur between this total and the total taxes withheld from employees each pay period and the amount of the employer's taxes calculated each pay period. This difference is reported on line 7 as a deduction or an addition as "Fractions of Cents." MacBook Pro Q Search Movies Search * $ 4 % 5 & 7. 6 8 9 0 X > Microsoft Word - CHAPTER 3 + sers/jenniferosoria/Downloads/CHAPTER%203%20-%20Problem%20Se%20(2).pdf o 941 for 2018: Employer's QUARTERLY Federal Tax Return 950112 avy OM 1500 Report for this Quarter of 2018 1: January February March July August September 4 October November December Go to www.in.gouform for Instructions and the information way Forty Read the separate instructions before you complete Form 941. Type of 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 Cuarter June 12 Quarter Sept. 12 Quarter 31. Dec 12 (erter 1 2 3 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 Se Taxable social security wages. 0.124- 5 Taxable social security tips. x 0.124 . Se Taxable Medicare wages & tips. 0.009 . 5 Taxable wages & tipe subject to Additional Medicare Tax withholding 0.009 Se Add Column 2 from lines 3, 5, 5, and Se Section 3121 Notice and Demand-Tax due on unreported instruction 6 Totalanes before adjustments. Add lines 3, 5, and 6 7 7 Current quarter's adjustment for fractions of cants Current quarter's adjustment for sick pay Current quarters atments for tips and group-term life insurance 8 9 9 10 Totalanes after siments Combine lines tough 9 10 Qualified small business payroll tax credit for increasing research activities. Attach Form 2014 11 11 MacBook Pro c Q Search Movies Search 4 5 6 & 7 8 9 0 KE R. T Y U 0 S Microsoft Word - CHAPTER 3 X + niferosoria/Downloads/CHAPTER%203%20-%20Problem%20Set%20(2).pdf 1 Number of employees who received wages, tips, or other compensation for the pay period including: Mar. 12 (Quarter 11. 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 Check and go to line 6 4 If no wages, tips, and other compensation are subject to social security or Medicare tax Column 1 Column 2 sa Taxable social security wages. *0.124 5b Taxable social security tips. x 0.124 Sc Taxable Medicare wages & tips.. x 0.029 5d Taxable wages & tips subject to Additional Medicare Tax withholding 0.009 5e Add Column 2 from lines 5, Sb, 5c, and Sd 51 Section 3121 Notice and Demand-Tax due on unreported tips (serstructions 6 7 Total taxes before adjustments. Add lines 3, 5, and 5! Current quarter's adjustment for fractions of cents Current quarter's adjustment for sick pay B 9 Current quarter's adjustments for tips and group-term life insurance 10 Total taxes after adjustments. Combine lines through 9 10 Qualified small business payroll tax credit for increasing research activities. Attach Form 8074 11 12 12 13 Total taxes after adjustments and credits. Subtract line 11 from line 10. Total deposits for this quarter, including overpayment applied from prior quarter and overpayments applied from Form 41-X, 941-X PRI 944-X, or 944-X (SP) filled 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 You MUST complete both pages of Form 941 and SIGN IL For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher Check one: Apoyo dem Sanda Next Car 1701 For 9411-2016 950217 Employers number Q Search Movies Search Microsoft Word - CHAPTER 3 X + erosoria/Downloads/CHAPTER%203%20-%20Problem%20et%20(2).pdf 950217 Parta Tell us about your deposit schedule and tax liability for this quarter If you are unsure about whether you are my schedulede rekly schedule depositor, e section 11 of Pub. 15. Check on Line 13 is return is an 80.00 in 13 on the man for the growth and ww-day on during the new www onum 100 mm You were a monthly scheduled for the entire your baby for each mom and by for the then go to Part 3 Tax liability Month Month 2 Total Babylor quarter Total medie 12 You were a weekly whedule depositor for any part of this quarter. Complete de from Report of Tax for Sale Depositors, and hit to form Part 3: Tell us about your business. If a question does NOT apply to your business, leave it bank 17 your business has closed or you tepped paying wages Chechend 18 you are a reasonal employer and you don't have to tie a return for every quarter of the year Part May we speak with your third-party designe? Do you want to repaid to regre, er another person to discuss the return wie Recer Yes Designer name and phone number Select a Portion Number to use when taking to the IRS Parts Sign here. You MUST complete both pages of Form and SION Under person, die hele tidsruhun, meting paring day Print you Print you Sign your name here Body phone Check your played Paid Preparer Use Only MacBook Pro Q Search Movies Search & 7 8 %6 5 $ 4 P O Y U R. T w BE J K G H D F Microsoft Word - CHAPTER 3 X + soria Downloads/CHAPTER%203%20-%20Problem%20Set%20(2).pdf 3-5A-Calculate OASDI and HI Tax. In 20., the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15th and the last day of the month. Compute the FICA taxes to be withheld from each officer's pay on a. November 15 b. December 31 OASDI Taxable Earnings November 15 HI OASDI Taxable Tax Earnings HI Tax Employee Hanks, Timothy, President Grath, John, VP Finance James, Sally, VP Sales Kimmel, Joan, VP Manufacturing Wie, Pam, VP Personnel Annual Salary 156,000 138,000 69,600 54,000 51,600 Grant, Mary, VP Secretary 49,200 b. OASDI Taxable Earnings December 31 HI OASDI Taxable Tax Earnings HI Tax Employee Hanks, Timothy, President Grath, John, VP Finance James, Sally, VP Sales Kimmel, Joan, VP Manufacturing Wie, Pam, VP Personnel Annual Salary 156,000 138,000 69,600 54,000 51.600 49,200 Grant, Mary, VP Secretary MacBook Pro Q Search Movies Search A * $ 4 % 5 & 7 3 6 8 9 0 C wnloads/CHAPTER%203%20-%20Problem%20Set%20(2).pdf 3-13A - Prepare 941. Karen Kluster opened Lube and Wash on January 2, 20XX. The business is subject to FICA taxes. At the end of the first quarter of 20xx, Kluster, as president of the company, must file Form 941, Employer's Quarterly Federal Tax Return. Using Form 941 (Parts 1 through 5), reproduced on the following pages, prepare, sign, and date the return on the basis of the information shown below. Employer's address: 234 Oak, Austin, TX 78711-0234 Employer's ID number: 00-0005874 Phone number: (512)555-1111 Date filed April 30, 20XX Each employee is paid semimonthly on the 15th and last day of each month. Shown below is the payroll information for the first quarter of 20xx. All pay periods were the same. Net Pay Employee aul Purson $ 9,822.00 Matt Dickson Joan Howard PAYROLL INFORMATION FOR JANUARY-MARCH Quarterly OASDI HI Federal Total SSN Wages Tax Income Tax Deductions 000-00-7233 $ 12,000.00 $ 744.00 $ 174.00 $ 1,260.00 $ 2,178.00 000-00-8451 $12,600.00 $ 781.20 $ 182.70 $ 1,200.00 $ 2,163.90 000-00-3668 $ 12,500.00 $ 775.02 $ 181.26 $ 1,080.00 $ 2,036.28 000-00-6527 $ 10,800.00 $ 669.60 $ 156,60 $ 1.140.00 $ 1,966.20 $ 47,900.00 $ 2,969.82 $ 694.56 $ 4,680.00 $ 8,344.38 $ 10,436.10 $ 10,463.72 Dorrie Smith $ 8,833.80 $ 39,555.62 TOTALS Employer's FICA taxes $ 2.969.80 $ 694.55 for the quarter OASDI HI The total taxes per payday are: Employees' FICA Tax - OASDI $ 494.97 Employers' FICA Tax-QASDI $ 494.97 Employees' FICA Tax - HI $ 115.76 Employers' FICA Tax - HI $ 115.76 Employees' FIT $ 780,00 TOTAL $ 2,001,46 X6 deposits - $12.008.76 for the quarter None of the employees reported tips during the quarter. Note: Unes Sa and 5c of Form 941, tax on total taxable wages, are computed by multiplying by the combined tax rate for both employer and employee. Small differences due to rounding may occur between this total and the total taxes withheld from employees each pay period and the amount of the employer's taxes calculated each pay period. This difference is reported on line 7 as a deduction or an addition as "Fractions of Cents." MacBook Pro Q Search Movies Search * $ 4 % 5 & 7. 6 8 9 0 X > Microsoft Word - CHAPTER 3 + sers/jenniferosoria/Downloads/CHAPTER%203%20-%20Problem%20Se%20(2).pdf o 941 for 2018: Employer's QUARTERLY Federal Tax Return 950112 avy OM 1500 Report for this Quarter of 2018 1: January February March July August September 4 October November December Go to www.in.gouform for Instructions and the information way Forty Read the separate instructions before you complete Form 941. Type of 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 Cuarter June 12 Quarter Sept. 12 Quarter 31. Dec 12 (erter 1 2 3 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 Se Taxable social security wages. 0.124- 5 Taxable social security tips. x 0.124 . Se Taxable Medicare wages & tips. 0.009 . 5 Taxable wages & tipe subject to Additional Medicare Tax withholding 0.009 Se Add Column 2 from lines 3, 5, 5, and Se Section 3121 Notice and Demand-Tax due on unreported instruction 6 Totalanes before adjustments. Add lines 3, 5, and 6 7 7 Current quarter's adjustment for fractions of cants Current quarter's adjustment for sick pay Current quarters atments for tips and group-term life insurance 8 9 9 10 Totalanes after siments Combine lines tough 9 10 Qualified small business payroll tax credit for increasing research activities. Attach Form 2014 11 11 MacBook Pro c Q Search Movies Search 4 5 6 & 7 8 9 0 KE R. T Y U 0 S Microsoft Word - CHAPTER 3 X + niferosoria/Downloads/CHAPTER%203%20-%20Problem%20Set%20(2).pdf 1 Number of employees who received wages, tips, or other compensation for the pay period including: Mar. 12 (Quarter 11. 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 Check and go to line 6 4 If no wages, tips, and other compensation are subject to social security or Medicare tax Column 1 Column 2 sa Taxable social security wages. *0.124 5b Taxable social security tips. x 0.124 Sc Taxable Medicare wages & tips.. x 0.029 5d Taxable wages & tips subject to Additional Medicare Tax withholding 0.009 5e Add Column 2 from lines 5, Sb, 5c, and Sd 51 Section 3121 Notice and Demand-Tax due on unreported tips (serstructions 6 7 Total taxes before adjustments. Add lines 3, 5, and 5! Current quarter's adjustment for fractions of cents Current quarter's adjustment for sick pay B 9 Current quarter's adjustments for tips and group-term life insurance 10 Total taxes after adjustments. Combine lines through 9 10 Qualified small business payroll tax credit for increasing research activities. Attach Form 8074 11 12 12 13 Total taxes after adjustments and credits. Subtract line 11 from line 10. Total deposits for this quarter, including overpayment applied from prior quarter and overpayments applied from Form 41-X, 941-X PRI 944-X, or 944-X (SP) filled 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 You MUST complete both pages of Form 941 and SIGN IL For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher Check one: Apoyo dem Sanda Next Car 1701 For 9411-2016 950217 Employers number Q Search Movies Search Microsoft Word - CHAPTER 3 X + erosoria/Downloads/CHAPTER%203%20-%20Problem%20et%20(2).pdf 950217 Parta Tell us about your deposit schedule and tax liability for this quarter If you are unsure about whether you are my schedulede rekly schedule depositor, e section 11 of Pub. 15. Check on Line 13 is return is an 80.00 in 13 on the man for the growth and ww-day on during the new www onum 100 mm You were a monthly scheduled for the entire your baby for each mom and by for the then go to Part 3 Tax liability Month Month 2 Total Babylor quarter Total medie 12 You were a weekly whedule depositor for any part of this quarter. Complete de from Report of Tax for Sale Depositors, and hit to form Part 3: Tell us about your business. If a question does NOT apply to your business, leave it bank 17 your business has closed or you tepped paying wages Chechend 18 you are a reasonal employer and you don't have to tie a return for every quarter of the year Part May we speak with your third-party designe? Do you want to repaid to regre, er another person to discuss the return wie Recer Yes Designer name and phone number Select a Portion Number to use when taking to the IRS Parts Sign here. You MUST complete both pages of Form and SION Under person, die hele tidsruhun, meting paring day Print you Print you Sign your name here Body phone Check your played Paid Preparer Use Only MacBook Pro Q Search Movies Search & 7 8 %6 5 $ 4 P O Y U R. T w BE J K G H D F