Complete section 1 on form 941 with the following information: # of employees fo

Question

Complete section 1 on form 941 with the following information:

# of employees for pay period that include September 12 – 14 employees

Wages paid third quarter - $79,750.17

Federal income tax withheld in the third quarter - $9,570.17

Taxable social security and Medicare wages - $79,750.17

Total tax deposits for the quarter $21,771.83

Complete sections 2, 3, 4, and 5 with the following information:

Cruz Company is a monthly depositor with the following monthly tax liabilities for this quarter:

July                 $7,193.10

August           $7,000.95

September     $7,577.78

State unemployment taxes are only paid to California. The company does not use a third-party designee and the tax returns are signed by the president, Carlos Cruz (Phone: 916-555-9739).

Explanation / Answer

PART 1 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) 14 2 Wages, tips, and other compensation 79750.17 3 Federal income tax withheld from wages, tips, and other compensation 9570 4 If no wages, tips, and other compensation are subject to social security or Medicare tax Check and go to line 6 Don’t check Column 1 Column 2 5a Taxable social security wages (*0.124) 9889.021 5b Taxable social security tips (*0.124) 9889.021 5c Taxable Medicare wages & tips 2312.755 5d Taxable wages & tips subject to Additional Medicare Tax withholding 0 6 Total taxes before adjustments. 9570 7 Current quarter’s adjustment for fractions of cents 1355.72 8 Current quarter’s adjustment for sick pay 0 9 Current quarter’s adjustments for tips and group-term life insurance 0 10 Total taxes after adjustments. Combine lines 6 through 9 . 10925.72 11 Qualified small business payroll tax credit for increasing research activities. 0 12 Total taxes after adjustments and credits. Subtract line 11 from line 10 10925.72 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, or 944-X (SP) filed in the current quarter 21771.83 14 Balance due. If line 12 is more than line 13, enter the difference and see instructions . . . 0 15 Overpayment. If line 13 is more than line 12, enter the difference 10846.11 Part 2 Tell us about your deposit schedule and tax liability for this quarter Part 3. You were a monthly schedule depositor for the entire quarter. Tax liability: Month 1 7193.1 Month 2 7000.95 Month 3 7577.78

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