Number of employees at the beginning of the year: $8$

Number of employtes for fourth quarter: $10$

Gross earnings $$9170000$

All employees made over $57,000$ in their first, quarter of employment, including the two new employees hired in the fourth quarter

Emplovee FICA taxes $$7,015\mathrm{.}05($all wages are subject to Social Security tax$)$

Federal intome tax $$19,36000$

State income tax $$25,680,00$

Emplover Ficatunes $$7,015,05$

Federal umemployment tax $$84,00($only $$14,000$ of wages are subject to FUTA in the fourth quarter$)$

State unemployment tax $$756,00($only $$14,000$ of wases are subject to SUTA in the fourth quarter$)$

Monthly federal income tax and FICA tax liability; October $$4,72954,$ November $$5,920\mathrm{.}76,$ and December $$6,584,54$

Federal income tax and FiCA tax total monthly deposits for fourth quarter: $$15,484\mathrm{.}23$

FUTA deposits for the vear $$336\mathrm{.}00$

$($a$)$

Your Answer

Correct Answet

Your answer is partially correcl What amounts would be entered on Form $941$ for the following line items? $($Round onswers to $2$ dedinol ploces, eg$.52\mathrm{.}75)$

Line $3$: Federal income tax withheld. $

Une $5$a: Taxable social security wages. $3.$ Line $5$ c Taxable medicare wages and tips. $ Line $6.$ Total caxes belore adjustments. I Lne $11$ : Total deposits for this quarter. I $(\frac{1548423}{5})$ Line $12$ Balanee duc. $5$ Line $1$ is: Overporyment.

eTextbook and Media Solution

Q Attempts: $3$ of $3$ used Questlon Part Score

$\frac{3\mathrm{.}43}{12}$

$($b$)$ Une $3$ Total payments to allemployoes. Une $4.$ Payments exempt from FUTA tax

Line $5.$ Total of payments made to each employee iheacess of $$7\mathrm{.}000$

Line $7$ Total taxable FUTA wages

Une B: FUTA tax before adjustments

Une $13$: FUTA tax deposited for the year, including any overparnent applied from a prior year.

Line $14$: Balance due.

Line $15,$ Overpayment.

Line $16$ as $1$ st quarter

Line $16$b: $2$nd quarter

Line $16c$:$3$ rd quarter

Line $16d$ : Ath quarter.

Lne $17$ Total tax liability for the year.

$5$

$

is

$5$

$5$

$

$7.$