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?

Answer 1

1- No. of Employees: 5

2. Wages, tips, and other compensation : 37450

Point 5 A is referred with Taxable Social Security Wages : Amount x 0.124

Point 5C is referred with Taxable Medicare wages and tips. Amount x 0.029

3. Federal Income tax Withheld: 1304.56 (That shall be total amount of tax withheld).

4. Point 5E includes sum of

5A Taxable Social Security Wages : Amount x 0.124

5B Taxable Social Security Tips: Amount x 0.124

5C Taxable Medicare wages and tips.

5D Taxable wages subject to medicare tax withholding. Amount x 0.009