During the fourth quarter of 2018, there were seven biweekly paydays on Friday (
ID: 2393065 • Letter: D
Question
During the fourth quarter of 2018, there were seven biweekly paydays on Friday (October 5, 19; November 2, 16, 30; December 14, 28) for Clarke’s Roofing.
Total Earnings for 5 Employees - $37,450.00
OASDI Payroll Data - $2,321.90
HI Payroll Data - $543.06
FIT Payroll Data - $3,402.00
SIT Payroll Data - $2,621.50
Employer’s OASDI - $2,321.90
Employer’s HI - $543.06
Federal deposit liability each pay - $1,304.56
Complete Employer’s Quarterly Federal Tax Return, Form 941
1. What goes on line 1?
2. What goes on Line 2, 5a (column 1) and 5c (column 1)?
3. What goes on Line 3?
4. What goes on Line 5e?
5. What goes on Line 6?
6. What goes on Line 7?
7. What goes on Line 10?
8. What goes on Line 12?
9. What goes on Page 2 - Part 2: Month 1?
10. What goes on Page 2 - Part 2: Month 2?
11. What goes on Page 2 - Part 2: Month 3?
12. What is the total tax liability for the quarter on Page 2-Part 2?
Explanation / Answer
Line 1: Number of employees who received wages, tips, or other compensation for the pay period: 5
Line 2: Wages, tips and other compensation: $37450
Line 5(a) Column 1: Taxable social security wages: OASDI payroll data and employer’s OASDI: $2321.9+$2321.9 = $4643.8*0.124 = $575.83
Line 5(c) Column 1: Taxable medicare wages and tips: HI payroll data + Employers HI: $543.06 + $543.06 = $1086.12*0.029 = $31.49
Line 3: Federal income tax withheld from wages, tips and other compensation: $3402.00 + $2621.5 = $6023.5
Line 5(e): Addition of Line 5(a) and Line 5(c): $607.32
Line 6: Total taxes before adjustments: $607.32 + $6023.50 = $6630.82
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