please explain
The first quarter tax return needs to be filed for Prevosti Farms and Sugarhouse by April 17, 2018. For the purpose of the taxes, assume the second February payroll amounts were duplicated for the March 10 and March 24 payroll periods and the new benefit elections went into effect as planned. The form was completed and signed on April 11, 2018. Benefit Information Health Insurance Life Insurance Long-term Care FSA 401(k) Gym Exclude: Federal Yes Yes Yes Yes Yes FICA Yes Yes Yes Yes No NO No Owner's name: Toni Prevosti Address: 850, Westminster Road, Bridgewater. VT. 00520. Phone: 802-555-3456 Number of employees: 8 Quarterly wages: $32,010.19 Federal income tax withheld: $942.00 401(k) contributions: $1,257.65 Insurance withheld: $4,080.00 Gym membership: $90.00 Monthly Deposits Month 1 Month 2 Month 3 $ $ 2,109.22 3,106.08 Required: Complete Form 941 for Prevosti Farms and Sugarhouse. Prevosti Farms and Sugarhouse was assigned EIN 22-6654454. -(NOTE): Instructions on format can be found on certain cells within the forms. Complete this question by entering your answers in the tabs below. 941 PG 1 941 PG 2 Form 941 for 2018: Employer's QUARTERLY Federal Tax Return Department of the Treasury - Internal Revenue Service 22-6654454 Toni Prevosti Employer identification number (EIN) 950117 OMB No. 1545-0029 Report for this Quarter 2018 (Check one.) January, February, March April, May, June Name (not your trade name) Trade name (if any) Address 850 Number Bridgewater City Westminster Road Street July, August, September VT State (NN) Suite or room number 00520 ZIP code October, November, December Instructions and prior-year forms are available at www.irs.gov/form941. Foreign country name Foreign Province/county Foreign Postal code Read the separate instructions before you complete Form 941. Type or 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 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4) 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 Check and go to line 6. Column 1 Column 2 5a Taxable social security wages x 0.124 0.00 5b Taxable social security tips x 0.124 0.00 5c Taxable Medicare wages & tips x 0.029 0.00 5d Taxable wages & tips subject to Additional Medicare Tax withholding x 0.009 0.00 5e Add Column 2 from lines 5a, 5b, 5c, and 5d 500 .00 5f Section 3121(9) Notice and Demand - Tax due on unreported tips (see instructions) 6 Total taxes before adjustments. Add lines 3, 5e, and 5f 0.00 7 Current quarter's adjustments for fractions of cents 8 Current quarter's adjustments for sick pay 9 Current quarter's adjustments for tips and group-term life insurance 10 Total taxes after adjustments. Combine lines 6 through 9 0.00 11 Qualified small business payroll tax credit for increasing research activites. Attach Form 8974 12 Total taxes after adjustments and credits. Subtract line 11 from line 10 0.00 13 Total deposits for this quarter, including overpayment applied from a prior quarter and overpayments applied from Form 941-X, 941-X (PR), 944-X, 944-X (PR), or 944-X (SP) filed in the current quarter 14 Balance due. If line 12 is more than line 13, enter the difference and see instructions 0.00 15 Overpayment. If line 13 is more than line 12, enter the difference Apply to next 0.00 Check one: Send a refund. return 000 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. 17001Z Form 941 (Rev. 1-2018) 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 The first quarter tax return needs to be filed for Prevosti Farms and Sugarhouse by April 17, 2018. For the purpose of the taxes, assume the second February payroll amounts were duplicated for the March 10 and March 24 payroll periods and the new benefit elections went into effect as planned. The form was completed and signed on April 11, 2018. Benefit Information Health Insurance Life Insurance Long-term Care FSA 401(k) Gym Exclude: Federal Yes Yes Yes Yes Yes FICA Yes Yes Yes Yes No NO No Owner's name: Toni Prevosti Address: 850, Westminster Road, Bridgewater. VT. 00520. Phone: 802-555-3456 Number of employees: 8 Quarterly wages: $32,010.19 Federal income tax withheld: $942.00 401(k) contributions: $1,257.65 Insurance withheld: $4,080.00 Gym membership: $90.00 Monthly Deposits Month 1 Month 2 Month 3 $ $ 2,109.22 3,106.08 Required: Complete Form 941 for Prevosti Farms and Sugarhouse. Prevosti Farms and Sugarhouse was assigned EIN 22-6654454. -(NOTE): Instructions on format can be found on certain cells within the forms. Complete this question by entering your answers in the tabs below. 941 PG 1 941 PG 2 Form 941 for 2018: Employer's QUARTERLY Federal Tax Return Department of the Treasury - Internal Revenue Service 22-6654454 Toni Prevosti Employer identification number (EIN) 950117 OMB No. 1545-0029 Report for this Quarter 2018 (Check one.) January, February, March April, May, June Name (not your trade name) Trade name (if any) Address 850 Number Bridgewater City Westminster Road Street July, August, September VT State (NN) Suite or room number 00520 ZIP code October, November, December Instructions and prior-year forms are available at www.irs.gov/form941. Foreign country name Foreign Province/county Foreign Postal code Read the separate instructions before you complete Form 941. Type or 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 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4) 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 Check and go to line 6. Column 1 Column 2 5a Taxable social security wages x 0.124 0.00 5b Taxable social security tips x 0.124 0.00 5c Taxable Medicare wages & tips x 0.029 0.00 5d Taxable wages & tips subject to Additional Medicare Tax withholding x 0.009 0.00 5e Add Column 2 from lines 5a, 5b, 5c, and 5d 500 .00 5f Section 3121(9) Notice and Demand - Tax due on unreported tips (see instructions) 6 Total taxes before adjustments. Add lines 3, 5e, and 5f 0.00 7 Current quarter's adjustments for fractions of cents 8 Current quarter's adjustments for sick pay 9 Current quarter's adjustments for tips and group-term life insurance 10 Total taxes after adjustments. Combine lines 6 through 9 0.00 11 Qualified small business payroll tax credit for increasing research activites. Attach Form 8974 12 Total taxes after adjustments and credits. Subtract line 11 from line 10 0.00 13 Total deposits for this quarter, including overpayment applied from a prior quarter and overpayments applied from Form 941-X, 941-X (PR), 944-X, 944-X (PR), or 944-X (SP) filed in the current quarter 14 Balance due. If line 12 is more than line 13, enter the difference and see instructions 0.00 15 Overpayment. If line 13 is more than line 12, enter the difference Apply to next 0.00 Check one: Send a refund. return 000 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. 17001Z Form 941 (Rev. 1-2018) 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
