Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Smee and CO (EIN 35-4444444) has 3 employees during the 4th quarter. Everyone is paid weekly. Katia earns $25/hour and David earns $32/hour. They work

Smee and CO (EIN 35-4444444) has 3 employees during the 4th quarter. Everyone is paid weekly. Katia earns $25/hour and David earns $32/hour. They work 40 hours per week for 13 weeks in the quarter (assume Dec. has the 5th week). Jeremy is salaried and will have a gross pay of $3,720 this pay period. Each employee has worked the entire year with no changes in pay or payroll deductions. The following federal withholdings are deducted each pay. Assume no state or county withholdings for this part of the problem. Katia $ 75 David $ 110 Jeremey $ 335 The following additional

When determining line 5a column 1, how much Social Security taxable income did David earn?

When determining line 5a column 1, how much Social Security taxable income did Jeremy earn?

What is line 5c column 1 (taxable wages) for the 4th quarter on Form 941?

What was the tax liability for Month 1 on line 16 of Form 941?

*round to the nearest penny*

To determine the liability for Month 2 on line 16 of Form 941, how much Social Security tax is applied to Katina??

*round to the nearest penny*

To determine the liability for Month 2 on line 16 of Form 941, how much Social Security tax is applied to Jeremy?

*round to the nearest penny*

What was the tax liability for Month 3 on line 16 of Form 941?

*round to the nearest penny*

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting IFRS Principles

Authors: Ilse Lubbe, Goolam Modack, Alex Watson

4th Edition

0199049238, 9780199049233

More Books

Students also viewed these Accounting questions

Question

List one of the facultys publications in APA style.

Answered: 1 week ago