the Payroll Depositing Payroll Taxes, and Filing the Required Quarterly and Annu

Question

the Payroll Depositing Payroll Taxes, and Filing the Required Quarterly and Annual Tax Fo 8A-3. Using a blank form 941, complete Part 1, lines 1-6, using the followin information Toral employees during the first quarter Total wages during the first quarter, none came from tips $26,050.66 2,050.00 Federal income tax withheld Medicare, $210, was withheld as tax deductions from the employees of Training, Inc. Federal income tax of $2,970 was also deducted from their paychecks. Training is classified as a monthly depositor of Form 941 taxes. Indicate when this payroll tax deposit is due and provide a general journal entry to record the payment. 8A-4. At the end of October 201X, the total amount of OASDI, $530, and BA-5. Mocha Company has four employees, and each employee earned $50,000 for the calendar year. Using a blank Form 940, complete Part 2, lines 3-8 to answer the following questions: Total annual payroll for the year Payments made in excess of $7,000 FUTA limit Total FUTA liability before any adjustments Lauren's Grocery Store made the following Form 941 payroll tax deposits A-6. during the look-back period of July 1, 2 01A, through june 30, 201B: Quarter Ended September 30, 201A December 31, 201A March 31, 2018 June 30, 2018 Amount Paid in 941 Taxes $15,781.57 13,894.72 13,601.11 14,019.42 Should Lauren's Grocery Store make Form 941 tax deposits mo semiweekly for 201C? -7. If Lauren's Grocery Store downsized its o monthly or quarter of 201B and, as a r for the quarte

Explanation / Answer

Requirement : 8A-5

8A-5) Total annual payroll for the year = $50000 * 4 = $200000 Payments made in excess of $7000 FUTA limit = $200000 - ($7000*4) = $172000 Total FUTA liability before any adjustments = 28000 * 5.4% = $1512

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