Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended...

60.1K

Verified Solution

Question

Accounting

Cruz Company has gathered the information needed to complete itsForm 941 for the quarter ended September 30, 2019.

Using the information presented below, complete Part 1 of Form941, rounding to the nearest cent.

  • # of employees for pay period that included September 12-14employees
  • Wages paid third quarter-$79,750.17
  • Federal income tax withheld in the third quarter-$9,570.00
  • Taxable social security and Medicare wages-$79,750.17
  • Total tax deposits for the quarter-$21,771.83

Hint: Line 7 instructions. Fill in Form 941through line 6, then fill in Part 2, line 16. Take that informationand fill in line 13. Lines 12 and 13 must equal. If the amounts arenot the same, correct by entering amount to make equal on line 7.Line 7 differences are caused by how calculations are made on Form941 and the amounts withheld from employee's earning plus theemployer's payroll tax amounts each pay.

Form941 for 20--:
(Rev. January 2018)
Employer's QUARTERLY Federal Tax Return
Department of the Treasury — Internal RevenueService

OMB No. 1545-0029
Employer identification number (EIN)
000006509
Name (not your trade name)CARLOS CRUZ
Trade name (if any)CRUZ COMPANY
Address
901 KEYSTONE
NumberStreetSuite or room number
SACRAMENTOCA95916
CityStateZIP code
Foreign country name  Foreign province/countyForeign postal code
Report for this Quarter of 20--
(Select one.)
July, August, September
Go to www.irs.gov/Form941 for instructions and the latestinformation.
Read the separate instructions before you completeForm 941. Type or print within the boxes.
Part 1:  Answer these questions for thisquarter.
  1Number of employees who received wages, tips, or othercompensation for the pay period including Mar. 12 (Quarter1), June 12 (Quarter 2), Sept. 12 (Quarter 3), orDec. 12 (Quarter 4)1
  2Wages, tips, and other compensation . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . .2
  3Federal income tax withheld from wages, tips, and othercompensation . . . . . . . . . . . . . . . . . . . . . . .. .3
  4If no wages, tips, and other compensation are subjectto social security or Medicare tax? Check and go to line 6.
  Column 1  Column 2
5aTaxable social security wages . . . . .x 0.124 =
5bTaxable social security tips . . . . . . ..x 0.124 =
5cTaxable Medicare wages & tips . . . ..x 0.029 =
5dTaxable wages & tips subject to
Additional Medicare Tax withholding
x 0.009 =
  5eAdd Column 2 from lines 5a, 5b, 5c, and 5d . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . .5e
  5fSection 3121(q) Notice and Demand—Tax due on unreportedtips (see instructions) . . . . . . . . . . . . . . .5f
  6Total taxes before adjustments. Add lines 3,5e, and 5f . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . .6
  7Current quarter's adjustment for fractions ofcents . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . .7
  8Current quarter's adjustment for sick pay . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . .8
  9Current quarter's adjustments for tips and group-termlife insurance . . . . . . . . . . . . . . . . . . . . . .. . . . .9
  10Total taxes after adjustments. Combine lines 6through 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .10
  11Qualified small business payroll tax credit forincreasing research activities. Attach Form 8974 . .11
  12Total taxes after adjustments and credits.Subtract line 11 from line 10. .12
  13Total deposits for this quarter, including overpaymentapplied from a prior quarter and overpayments applied from Form941-X, 941-X (PR), 944-X, or 944-X (SP) filed in the currentquarter . .13
  14Balance due. If line 12 is more than line 13,enter the difference and see instructions . . . . . . . . . . . . .. . . . . . .14
  15Overpayment. If line 13 is morethan line 12, enter the difference   Check one: ?Apply to next return.   ? Send a refund.
  ? You MUST complete both pagesof Form 941 and SIGN it.
Next ?
For Privacy Act and Paperwork Reduction Act Notice, seethe back of the Payment Voucher.Cat. No. 17001ZForm 941 (Rev. 1-2018)

Answer & Explanation Solved by verified expert
4.2 Ratings (687 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students