None of the employees reported tips during the quarter. Using Form 941 below, prepare the return on the basis of the information shown above. deduction. If line 7 is zero, for grading purposes only, enter a zero. Assume that company deposits taxes on monthly basis. Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20 follows. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Compute the following for the payroll of December 31 ; round your answers to the nearest cent. Part 2: Tell us about your deposit schedule and tax liability for this quarter. Return. Each employee is paid semimonthly on the 15 th and last day of each month. Shown below is the payroll information for the first guarter of 20. All pay periods were the same a. November 15 \begin{tabular}{lrrrr} \cline { 3 - 4 } Name and Title & Annual & OASDI Taxable & Hary & Taxable \\ Earnings & OASDI Tax & Earnings & \\ \hline Hanks, Timothy, President & $169,200 & & \\ Grath, John, VP Finance & 149,520 & & \\ James, Sally, VP Sales & 74,400 & & \\ Kimmel, Joan, VP Mfg. & 54,000 & & \\ Wie, Pam, VP Personnel & 50,400 & & \\ Grant, Mary, VP Secretary & 48,000 & & \end{tabular} b. \begin{tabular}{lrrrr} & Annual & & \multicolumn{2}{c}{ December 31 } \\ \cline { 4 - 4 } Name and Title & Salary & OASDI Taxable & HI Taxable \\ Earnings & OASDI Tax & HI Tax \\ \hline Hanks, Timothy, President & $169,200 & & \\ Grath, John, VP Finance & 149,520 & & \\ James, Sally, VP Sales & 74,400 & \\ Kimmel, Joan, VP Mfg. & 54,000 & & \\ Wie, Pam, VP Personnel & 50,400 & & \\ Grant, Mary, VP Secretary & 48,000 & & \end{tabular} a. \begin{tabular}{lrrrr} \cline { 3 - 4 } a. & & \multicolumn{2}{c}{ November 15 } \\ \cline { 3 - 4 } Name and Title & Annual & OASDI Taxable & HI Taxable \\ Ealary & Earnings & OASDI Tax & \\ \hline Hanks, Timothy, President & $169,200 & & \\ Grath, John, VP Finance & 149,520 & & \\ James, Sally, VP Sales & 74,400 & & \\ Kimmel, Joan, VP Mfg. & 54,000 & & \\ Wie, Pam, VP Personnel & 50,400 & & \\ Grant, Mary, VP Secretary & 48,000 & & \end{tabular} b. \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow{2}{*}{b.NameandTitle} & \multirow[b]{2}{*}{AnnualSalary} & \multicolumn{4}{|c|}{ December 31} \\ \hline & & OASDITaxableEarnings & OASDI Tax & HITaxableEarnings & HI Tax \\ \hline Hanks, Timothy, President & $169,200 & & & & \\ \hline Grath, John, VP Finance & 149,520 & & & & \\ \hline James, Sally, VP Sales & 74,400 & & & & \\ \hline Kimmel, Joan, VP Mfg. & 54,000 & & & & \\ \hline Wie, Pam, VP Personnel & 50,400 & & & & \\ \hline Grant Mary VP Secretary & 48000 & & & & \\ \hline \end{tabular} Column 1 5a Taxable social security wages 5a (i) Qualified sick leave wages ......... 5a (ii) Qualified family leave wages 5b Taxable social security tips 5c Taxable Medicare wages \& tips 5d Taxable wages \& tips subject to Additional Medicare Tax withholding Column 2 0.124= 0.062= 0.062= 0.124= 0.029= 0.009= 5e Total social security and Medicare taxes. Add Column 2 from lines 5a, 5a(i), 5a(ii), 5b, 5c, and 5d . . . . . 5e 5f Section 3121(q) Notice and Demand-Tax due on unreported tips (see instructions) 6 Total taxes before adjustments. Add lines 3,5e, and 5f 7 Current quarter's adjustment for fractions of cents 8 Current quarter's adjustment for sick pay 6 9 Current quarter's adjustments for tips and group-term life insurance 7 8 10 Total taxes after adjustments. Combine lines 6 through 9 11a Qualified small business payroll tax credit for increasing research activities. Attach Form 8974 . . . . 11a 11b Nonrefundable portion of credit for qualified sick and family leave wages for leave taken before April 1, 2021. 11b 11c Reserved for future use 11c In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15 th and the last day of the month. REQUIRED: Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Using formulas and cell references, enter the appropriate formulas in the green entry cells. Transfer the numeric amounts for the green entry cells into the appropriate fields in CNOWv2 for grading. This spreadsheet has been formatted to round numbers to the nearest cent. For example, 17.651.5=26.475. The amount will display and hold 26.48 , not 26.475. There is no need to use Excel's rounding function. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter " 0 ". OMB No. 15450029 None of the employees reported tips during the quarter. Using Form 941 below, prepare the return on the basis of the information shown above. deduction. If line 7 is zero, for grading purposes only, enter a zero. Assume that company deposits taxes on monthly basis. Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20 follows. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Compute the following for the payroll of December 31 ; round your answers to the nearest cent. Part 2: Tell us about your deposit schedule and tax liability for this quarter. Return. Each employee is paid semimonthly on the 15 th and last day of each month. Shown below is the payroll information for the first guarter of 20. All pay periods were the same a. November 15 \begin{tabular}{lrrrr} \cline { 3 - 4 } Name and Title & Annual & OASDI Taxable & Hary & Taxable \\ Earnings & OASDI Tax & Earnings & \\ \hline Hanks, Timothy, President & $169,200 & & \\ Grath, John, VP Finance & 149,520 & & \\ James, Sally, VP Sales & 74,400 & & \\ Kimmel, Joan, VP Mfg. & 54,000 & & \\ Wie, Pam, VP Personnel & 50,400 & & \\ Grant, Mary, VP Secretary & 48,000 & & \end{tabular} b. \begin{tabular}{lrrrr} & Annual & & \multicolumn{2}{c}{ December 31 } \\ \cline { 4 - 4 } Name and Title & Salary & OASDI Taxable & HI Taxable \\ Earnings & OASDI Tax & HI Tax \\ \hline Hanks, Timothy, President & $169,200 & & \\ Grath, John, VP Finance & 149,520 & & \\ James, Sally, VP Sales & 74,400 & \\ Kimmel, Joan, VP Mfg. & 54,000 & & \\ Wie, Pam, VP Personnel & 50,400 & & \\ Grant, Mary, VP Secretary & 48,000 & & \end{tabular} a. \begin{tabular}{lrrrr} \cline { 3 - 4 } a. & & \multicolumn{2}{c}{ November 15 } \\ \cline { 3 - 4 } Name and Title & Annual & OASDI Taxable & HI Taxable \\ Ealary & Earnings & OASDI Tax & \\ \hline Hanks, Timothy, President & $169,200 & & \\ Grath, John, VP Finance & 149,520 & & \\ James, Sally, VP Sales & 74,400 & & \\ Kimmel, Joan, VP Mfg. & 54,000 & & \\ Wie, Pam, VP Personnel & 50,400 & & \\ Grant, Mary, VP Secretary & 48,000 & & \end{tabular} b. \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow{2}{*}{b.NameandTitle} & \multirow[b]{2}{*}{AnnualSalary} & \multicolumn{4}{|c|}{ December 31} \\ \hline & & OASDITaxableEarnings & OASDI Tax & HITaxableEarnings & HI Tax \\ \hline Hanks, Timothy, President & $169,200 & & & & \\ \hline Grath, John, VP Finance & 149,520 & & & & \\ \hline James, Sally, VP Sales & 74,400 & & & & \\ \hline Kimmel, Joan, VP Mfg. & 54,000 & & & & \\ \hline Wie, Pam, VP Personnel & 50,400 & & & & \\ \hline Grant Mary VP Secretary & 48000 & & & & \\ \hline \end{tabular} Column 1 5a Taxable social security wages 5a (i) Qualified sick leave wages ......... 5a (ii) Qualified family leave wages 5b Taxable social security tips 5c Taxable Medicare wages \& tips 5d Taxable wages \& tips subject to Additional Medicare Tax withholding Column 2 0.124= 0.062= 0.062= 0.124= 0.029= 0.009= 5e Total social security and Medicare taxes. Add Column 2 from lines 5a, 5a(i), 5a(ii), 5b, 5c, and 5d . . . . . 5e 5f Section 3121(q) Notice and Demand-Tax due on unreported tips (see instructions) 6 Total taxes before adjustments. Add lines 3,5e, and 5f 7 Current quarter's adjustment for fractions of cents 8 Current quarter's adjustment for sick pay 6 9 Current quarter's adjustments for tips and group-term life insurance 7 8 10 Total taxes after adjustments. Combine lines 6 through 9 11a Qualified small business payroll tax credit for increasing research activities. Attach Form 8974 . . . . 11a 11b Nonrefundable portion of credit for qualified sick and family leave wages for leave taken before April 1, 2021. 11b 11c Reserved for future use 11c In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid semimonthly on the 15 th and the last day of the month. REQUIRED: Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Using formulas and cell references, enter the appropriate formulas in the green entry cells. Transfer the numeric amounts for the green entry cells into the appropriate fields in CNOWv2 for grading. This spreadsheet has been formatted to round numbers to the nearest cent. For example, 17.651.5=26.475. The amount will display and hold 26.48 , not 26.475. There is no need to use Excel's rounding function. Compute the FICA taxes to be withheld from each officer's pay on (a) November 15 and (b) December 31. Round your answers to the nearest cent. If an amount is zero, enter " 0 ". OMB No. 15450029