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. Exclude: Federal Yes Yes Benefit Information Health Insurance Life Insurance Long-term Care FSA 401(k) Gym FICA Yes Yes Yes Yes Yes Yes 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 Amount 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 Page 2 of Form 941. (Round your answers to 2 decimal places.) 941 PG 1 941 PG 2 Page 2 of Form 941. (Round your answers to 2 decimal places.) Name (not your trade name) Employer identification number (EIN) Toni Prevosti 22-6654454 Part 2: Tell us about your deposit schedule and tax liability for this quarter. If you are unsure about whether you are a monthly schedule depositor or a semiweekly schedule depositor, see section 11 of Pub. 15. 16 Check one: Line 12 on this return is less than $2,500 or line 12 (line 10 if the prior quarter was the fourth quarter of 2018) on the return for the prior quarter was less than $2,500, and you did not incur a $100,000 next day deposit obligation during the current quarter. If line 12 (line 10 if the prior quarter was the fourth quarter of 2018) for the prior quarter was less than $2.500 but line 12 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you are a monthly schedule depositor, complete the deposit schedule below, if you are a semiweekly schedule depositor, attach Schedule B (Form 941). Go to Part 3. You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total liability for the quarter, then go to Part 3 Tax liability: Month 1 Month 2 Month 3 Total liability for quarter 0.00 Total must equal line 12. You were a semiweekly schedule depositor for any part of this quarter. Complete Schedule B (Form 941), Report of Tax Liability for Semiweekly Schedule Depositors, and attach it to Form 941. | 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. Exclude: Federal Yes Yes Benefit Information Health Insurance Life Insurance Long-term Care FSA 401(k) Gym FICA Yes Yes Yes Yes Yes Yes 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 Amount 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 Page 2 of Form 941. (Round your answers to 2 decimal places.) 941 PG 1 941 PG 2 Page 2 of Form 941. (Round your answers to 2 decimal places.) Name (not your trade name) Employer identification number (EIN) Toni Prevosti 22-6654454 Part 2: Tell us about your deposit schedule and tax liability for this quarter. If you are unsure about whether you are a monthly schedule depositor or a semiweekly schedule depositor, see section 11 of Pub. 15. 16 Check one: Line 12 on this return is less than $2,500 or line 12 (line 10 if the prior quarter was the fourth quarter of 2018) on the return for the prior quarter was less than $2,500, and you did not incur a $100,000 next day deposit obligation during the current quarter. If line 12 (line 10 if the prior quarter was the fourth quarter of 2018) for the prior quarter was less than $2.500 but line 12 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you are a monthly schedule depositor, complete the deposit schedule below, if you are a semiweekly schedule depositor, attach Schedule B (Form 941). Go to Part 3. You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total liability for the quarter, then go to Part 3 Tax liability: Month 1 Month 2 Month 3 Total liability for quarter 0.00 Total must equal line 12. You were a semiweekly schedule depositor for any part of this quarter. Complete Schedule B (Form 941), Report of Tax Liability for Semiweekly Schedule Depositors, and attach it to Form 941. |
