Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Primo Company had a total payroll of $253,808.01 for the first quarter of the current year. It withheld $28,131.67 from the employees for federal

The Primo Company had a total payroll of $253,808.01 for the first quarter of the current year. It withheld $28,131.67 from the employees for federal income tax during this quarter. The company made the following deposits in a qualified bank depository for the amount of the income and Social Security and Medicare taxes withheld from the employees and for the company's contribution to the FICA tax: $19,050 on February 6; $19,050 on March 4; and $19,050 on April 5. Primo Company's bookkeeper is now filling out Form 941 (quarterly return), which is due by the end of April. Complete the following to determine the amount of the check that the company must send to the IRS for the undeposited taxes due. Round your answers to the nearest cent.

a. Total Social Security and Medicare taxes to be paid for quarter $

b. Total taxes $

c. Total deposits for quarter (sent to qualified bank depository) $

d. Undeposited taxes due IRS $

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_2

Step: 3

blur-text-image_3

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

Technical Analysis Of The Financial Markets

Authors: John J. Murphy

1st Edition

0735200661, 978-0735200661

More Books

Students also viewed these Finance questions

Question

=+1. What is the payback period on this project?

Answered: 1 week ago

Question

Explain how religious attitudes affect firm behavior.

Answered: 1 week ago

Question

Will formal performance reviews become obsolete? Why or why not?

Answered: 1 week ago