Monthly versus Semiweekly Depositor 3. In December 200B, Glenda is trying to fin

Question

Monthly versus Semiweekly Depositor 3. In December 200B, Glenda is trying to find out whether she is a monthly or L01 (15 min) semiweekly depositor for FICA (OASDI and Medicare) and federal income tax for 200C. Please advise based on the following taxes owed: 200A Quarter 3 $17,000 Quarter 412,000 2008 Quarter 13,400 Quarter 2 10,900 Paying the Tax 4 Complete the following table: LO1 (15 min) 4-Quarter Look-Back Period Tax Liability $28,000 $66,000 Payroll Paid Tax Paid by Monthly Semiweekly On Wednesday On Thursday On Friday On Saturday On Sunday On Monday Payroll Account 01,2,3 (15 min) 5. Indicate which of the following items apply to the following account ti online 1. An asset 2. A liability . An expense d Appears on the income statement s. Appears on the balance sheet end -a. FICA OASDI Payable b. Office Salaries Expense _ c. Federal Income Tax Payable , d. FICA Medicare Payable -e. Wages and Salaries Payable MyAccountingLab Exercises Set A 1.Blanca Company uses a special payroll account to pay employes. The LO1 (20mn) gross amount of the payroll this week is $5,000; the net amount is $4,125. lournalize the transfer of funds to the payroll account and the distribution of paychecks to the employees lssed on the following payroll tax depositor classifications, determine the ll tax deposit due date for each taxpayer 8A-2 LO1 (15 min) Monthly depositor, owing S1,500 tax for the first quarter Monthly depositor,owing $5,000 tax for the month of July. Monthly depositor, owing $110,000 tax as of Tuesday. semiweekly depositor, owing $110,000 tax as of Tuesday. Semiweekly depositor, owing $20,000 tax as of Friday.

Explanation / Answer

1. Monthly depositor, owing $ 1,500 tax for the first quarter, need to deposit the payroll tax by the 15th of the following month. In this case, for the taxes of January, he should deposit by February 15, and for February taxes, deposit should be made by March 15 and for March taxes, deposit should be made by April 15th.

2. Monthly depositor, owing $ 5,000 tax for the month of July, due date of 941 tax deposit is August 15.

3. Monthly depositor, owing $ 110,000 tax as of Tuesday, due date of 941 tax deposit is 15th of the next month as he is a montly depositor.

4. Semiweekly depositor, owing $ 110,000 tax as of Tuesday, due date of 941 tax deposit is following Friday.

5. Semiweekly depositor, owing $20,000 tax as of Friday, due date of 941 tax deposit is following Wednesday.

The above are answered as per the Due dates mentioned by IRS with respect to these tax deposit by Monthly tax payer and Semiweekly tax payer.

Hope this is helpful!!

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