Required information [The following information applies to the questions displayed below] A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 20X1, appears below. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15, b. For May taxes, paid on June 17 Date Wages Paid Total Earnings Social Security Tax Medicare Deducted Tax Deducted Withheld. Income Tax April 8 $ 3,400.00 $ 210.00 $ 49.30 $ 338.00 15 3,700.00 229.40 53.65 365.00 22 4,100.00 254.20 59.45 338.00 20 4,400.00 272.80 63.80 436.00 $ 15,600.00 $ 967.20 $226.20 $1,477.00 May 5 $ 3,200.00 $ 198.40 $ 46.40 $318.00 12 3,400.00 210.80 49.30 338.00 19 3,400.00 210.80 26 4,400.00 272.80 $ 14,400.00 $ 892.80 49.30 63.80 $208.80 338.00 436.00 $1,430.00 June 2 $ 3,700.00 $ 229.40 $ 53.65 $ 365.00 9 3,400.00 210.80 49.30 338.00 16 4,400.00 272.80 63.80 436.00 23 3,400.00 210.80 49.30 338.00 30 3,200.00 198.40 46.40 318.00 $18,100.00 $1,122.20 $262.45 $1,795.00 Total $ 48,100.00 $2,902.20 $697.45 $4,702.00 Social security 6.2 percent Medicare 1.45 FUTA 0.6 SUTA 5.4 Required: 1. On July 15, the firm issued a check to deposit the federal income tax withheld and the FICA tax (both employee and employer shares for the third month (June)) 2. Complete Form 941 in accordance with the discussions in this chapter. Use a 12.4 percent social security rate and a 2.9 percent Medicare rate in computations. Use the following address for the company: 2300 East Ocean Blvd., Long Beach, CA 90802 Use 75-4444444 as the employer identification number. Date the return July 31, 20X1 Mr. Fronke's phone number is 562-709-3654. Analyze: What is the balance of the Employee Income Tax Payable account at July 15? View transaction list Journal entry worksheet Record the entry to deposit payroll taxes for July 15. Note: Enter debits before credits. Date July 15 General Journal Debit Credit Record entry Clear entry View general journal Form 941 for 20x1: (Rev. January 20X1) Employer ID number (EIN- enter as xx- XXXXXXX) Name (not your trade name) Trade name (if any) Address Employer's QUARTERLY Federal Tax Return Department of the Treasury-internal Revenue Service Number Street Sute or room number 950113 OMB No. 1545-0020 Report for this Quarter of 20X1 (Check one.) January, February, March Apr, May, June July August September October, November December City State (NN) ZIP code Instructions and prior year forms are available at www.ith govform941 Foreign country name Prevince county Postal code Read the separate instructions before you complete this Form 941. Please 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 2), or Dec, 12 (Quarter 4) 2 Wages, tips, and other compensation, 3 Federal income tax withheld from wages, tios, and other compensation Sa Taxable social security wages If no wages, tips and other compensation are subject to social security or Medicare tax Check and go to line 6 Column Column 2 0.924 0.124 0.020 Additional Medicare Tax withholding and 5d x0.000 (see instructions) 5b Taxable social security tips be Taxable Medicare wages 5d Taxable wages & Sips subject Se Ads Column 2 from lines of Section 6 Total taxes befas adjustne 7. Current quarter's adjustme Current quarter's adjustment! Current quarter's adjustments1 10 Total taxes after adjustments and ombine ines 0 through 9 11 Qualified small business payroll tax credit for increasing research activities, Attack Form 574 12 Total taxes after adjustments and credits. Subtract line 11 12 Total deposits for this quarter, including overpayment applied from a prior quarter and overpayments applied from Form 941-X, 541-X (PR), 544-X, 544-X (PR), or 944-X (SP) tied in the current quarter 14 Balance due 15 Overpayment Check one Apply net alum You MUST complete both pages For Privacy Ast and Paperwork Reduction Act Notice, see the back of the Payment Voucher Cal No 170012 Bend a refund Next Form 941 (Rev 1-20) THIS FORM IS A SIMULATION OF AN OFFICIAL US TAX FORM. IT IS NOT THE OFFICIAL FORM IT SELF DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2013 McGraw-Hill Edunabon 16 Check one: Line 12 on this return is less than $2,500 or line 12 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 sine 12 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. then go to Part 3. Tax liability Enter your tax liability for each month and total liability for the quarter, Month 1 Month 2 Month 3 Total liability for quarter 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. Part 3: Tell us about your business. If a question does NOT apply to your business, leave it blank. 17 If your business has closed or you stopped paying wages enter the final date you paid wages (mm/dd/yyyy) 18 If you are a seasonal employer and you do not have to file a return for every quarter of the year Part 4: May we speak with your third-party designee? Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS? See the instructions for details. Yes No. Designee's name and phone number Select a 5-digit Personal Identification Number (PIN) to use when talking to IRS Check here, and Check here. Part 5: Sign here. You MUST complete both pages of Form 941 and SIGN it. Under penalties of perjury. 1 declare that I have examined this retur, includung accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has my nowledge X Sign your name here Date (mm/dd/yyyy) 07/31/20X1 Paid Preparer Use Only Preparer's name Preparer's signature Firm's name (or yours if self-employed) Address City State (NN) Print your name here Mark Fronke Print your title here Owner Best daytime phone (0-00-0000) 5627093654 Check if you are self-employed PTIN Date (mm/dd/yyyy) EIN Phone ZIP code Req 1 Req 2 941 Pg Req 2 941 Pg 1 Analyze 2 What is the balance of the Employee Income Tax Payable account at July 15? Employee income tax payable