PSc 6-1 Examine the Lookback Period For each of the following independent circumstances, examine the lookback period to...
PSc 6-1 Examine the Lookback Period
For each of the following independent circumstances, examine the lookback period to determine whether the company is a monthly or semiweekly depositor for 2018:
1: A company's total taxes owed (federal income tax withholding, Social Security tax, and Medicare tax) for six consecutive quarters were as follows.
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Type of depositor:
- Monthly
- Semiweekly
2: A company's total taxes owed (federal income tax withholding, Social Security tax, and Medicare tax) for six consecutive quarters were as follows.
|
|
Type of depositor:
- Monthly
- Semiweekly
3: A company's total taxes owed (federal income tax withholding, Social Security tax, and Medicare tax) for six consecutive quarters were as follows.
|
|
Type of depositor:
- Monthly
- Semiweekly
Homework Answers
Lookback period is a 12 months period ending on June 30 (quarter 2) of previous year. Hence in the given scenario, lookback period for 2018 will be from 3rd quarter of 2016 to second quarter of 2017.
In order to determine whether the company is a monthly depositor or semiweekly depositor, following criteria to be followed :
Tax reported in lookback period < $50,000 = Monthly depositor
Tax reported in lookback period > $50,000 = Semiweekly depositor
Refer following screenshot showing computation and identification of depositor category
Hence, Company falls under Semiweekly depositor category in Scenario 1 and 3 since total reported tax in lookback period exceeds $ 50,000. In case of scenario 2, since reported tax is less than $50,000 it falls under monthly depositor category.
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