Required information (The following information applies to the questions displayed below.) A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 20X1. appears below. The firm made the required tax deposits as follows: a. For April taxes, paid on May 15. b. For May taxes, paid on June 17. Tax Social Date Security Medicare Income Wages Total Tax Tax Paid Earnings Deducted Deducted Withheld April 8 $ 3,400.00 $ 210.88 $ 49.30 $ 338.00 15 3,700.00 229.40 53.65 365.00 22 4,100.00 254.20 59.45 338.00 29 4.400.00 272.80 63.80 436.00 $15,600.00 $ 967.20 $226.20 $1,477.00 May 5 $ 3,200.00 $ 198.40 $ 46.40 $ 318.00 12 3,400.00 210.80 49.30 338.80 19 3,400.00 210.80 49.30 338.00 26 4,400.00 272.80 63.80 436.00 $14,400.00 $ 892.80 $208.80 $1,430.00 June 2$ 3,700.00 $ 229.40 $ 53.65 $ 365.00 9 3,400.00 210.88 49.30 338.00 16 4,400.00 272.80 63.80 436.00 23 3,400.00 210.80 49.30 338.90 30 3,200.00 198.40 46.40 318.80 $18, 188.00 $1,122.20 $262.45 $1,795.00 Total $48, 100.00 $2,982.28 $697.45 $4,702.80 percent Social security Medicare FUTA SUTA 6.2 1.45 0.6 5.4 Required: 1. On July 15, the firm issued a check to deposit the federal income tax withheld and the FICA tax (both employee and employer shares for the third month (June]). 2. Complete Form 941 in accordance with the discussions in this chapter. Use a 12.4 percent social security rate and a 2.9 percent Medicare rate in computations. Use the following address for the company: 2300 East Ocean Blvd., Long Beach, CA 90802. Use 75-4444444 as the employer identification number. Date the return July 31, 20X1. Mr. Fronke's phone number is 562-709-3654 ces Analyze What is the balance of the Employee Income Tax Payable account at July 15? Required information Req 1 Req 2 941 Pg Req 2 941 Pg 1 2 Req 2 Schedule B Analyze On July 15, the firm issued a check to deposit the federal income tax withheld and the FICA tax (both e the third month [June]). (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Employer identification number (EIN Name (not your traderamo) Part 2: Tell us about your deposit schedule and tax liability for this quarter. you are unsure about whether you are a monthly schedule depositor or a semiekly chedule deposito see section 11 of Pub. 15. 16 Check one: Line 12 on this return is less than $2.500 or line 12 on the return for the prior quarter was less than $2.500, and you did not incur a $100,000 next day deposit obligation during the current quarter. ne 12 for the prior quarter was in than $2.500 butline 12 on this return is $100,000 or more, you must provide a record of your federal taxably. If you are a mothy schedule depositor, complete the deposit schedule below, you are a samwely schedule depositor, ach Schedule B (Form 941) Goin Put You were a monthly schedule depositor for the entire quarter. Enter your taxability for each month and total liability for the quarter, then go to Parts Teliability Month 1 Month 2 Month 3 Total liability for Quarter 0.00 Total must equal line 12 You were anamweekly schedule depositor for any part of the quarter. Complute Schedule (Form 901), Report of Tax Libility for Semiwekly Schedule Depositors, and attach it to Form 349. Part 3: Tell us about your business. If a question does NOT apply to your business, leave it blank. 17 your business has closed or you stopped paying wages Check here, and enter the final de you paid wagen med 18 #you sensenal amplayer and you do not have to file a return for every quarter of the year Check here Part 4: May we speak with your third-party designeo? Do you want to allow an employee a puld tax preparer, or another person to discuss this return with the RS? See the instructions for details Yes Designe's name and phone number NO Select a 5-digit Poona entification Number (PIN to use when talking to RS Part 5: Sign here. You MUST complete both pages of Form 941 and SIGN IL Vingerspany dear that have said to including accompanying schedules and statements, and to the best of my knowledge and belief is true, come and Part 5: Sign here. You MUST complete both pages of Form 941 and SIGN It. Under penties of perjury Idecare that have examined this including companying schedules and students, and to the best of my knowiedge and belief is true, correct, and complete. Decision of properer other than experts based on all information of which preparar ny knowiedge. Sign your name here Date minuddy Print your new Mark Fronke Print your here Owner Beldayime phone (0) 07/31/20X1 5627093654 Check if you are self-employed PTIN Pold Preparer Use Only Pere's Presa Parameter your employed) Adres De (www) EIN Phone City State | zip code Form 941 (2001) Page 2 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORU, IT IS NOT THE OFFICIAL FORM ITSELR. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2019 McGraw-Hill Education Req2961 Pg 1 Reg 2 Schedule 960311 Schedule B (Form 941): Report of Tax Linbility for Semlweekly Schedule Depositora (Rav: January 2017 Department of the Treasury - Internal Revenue Service (EIN) Employer ID number (EIN -anter as XI-XX) Name (not your trade name) Calendar your (Also check quarter) OMS No. 1545-0029 Report for this Quarter... Check one.) 1. January February March ) April May June July August September 4 October November December Use this schedule to show your TAX LIABILITY for the quarter; DO NOT use it to show your deponits. When you file this form with Form 941 or Form 941-55, DO NOT change your tax tably by adjustments reported on any Forms 141-X. You must fill out this form and attach it to Form 961 or Form 941-83 you are a semiweekly schedule depositor or became one BOCHURE your accumulated tax liability, on any day was $100,000 or more. Write your daily tax liability on the numbered space that corresponds to the data wages were paid. See Section 11 In Pt. 15 (Circular E), Employer's Tax Guide, for detalle. Month 1 1 9 17 25 Tax liability for Month 1 2 10 11 19 27 4 20 201 29 5 15 21 30 31 7 23 10 24 Month 2 1 17 Tax liability for Month 2 25 26 18 10 15 27 12 20 20 Req 2 941 Pg Req 2 941 Pg 1 2 Reg 1 Reg 2 Schedule B Print Analyze What is the balance of the Employee Income Tax Payable account at July 157 erences Employee Income tax payable Employer identification number (EIN Name (not your traderamo) Part 2: Tell us about your deposit schedule and tax liability for this quarter. you are unsure about whether you are a monthly schedule depositor or a semiekly chedule deposito see section 11 of Pub. 15. 16 Check one: Line 12 on this return is less than $2.500 or line 12 on the return for the prior quarter was less than $2.500, and you did not incur a $100,000 next day deposit obligation during the current quarter. ne 12 for the prior quarter was in than $2.500 butline 12 on this return is $100,000 or more, you must provide a record of your federal taxably. If you are a mothy schedule depositor, complete the deposit schedule below, you are a samwely schedule depositor, ach Schedule B (Form 941) Goin Put You were a monthly schedule depositor for the entire quarter. Enter your taxability for each month and total liability for the quarter, then go to Parts Teliability Month 1 Month 2 Month 3 Total liability for Quarter 0.00 Total must equal line 12 You were anamweekly schedule depositor for any part of the quarter. Complute Schedule (Form 901), Report of Tax Libility for Semiwekly Schedule Depositors, and attach it to Form 349. Part 3: Tell us about your business. If a question does NOT apply to your business, leave it blank. 17 your business has closed or you stopped paying wages Check here, and enter the final de you paid wagen med 18 #you sensenal amplayer and you do not have to file a return for every quarter of the year Check here Part 4: May we speak with your third-party designeo? Do you want to allow an employee a puld tax preparer, or another person to discuss this return with the RS? See the instructions for details Yes Designe's name and phone number NO Select a 5-digit Poona entification Number (PIN to use when talking to RS Part 5: Sign here. You MUST complete both pages of Form 941 and SIGN IL Vingerspany dear that have said to including accompanying schedules and statements, and to the best of my knowledge and belief is true, come and Part 5: Sign here. You MUST complete both pages of Form 941 and SIGN It. Under penties of perjury Idecare that have examined this including companying schedules and students, and to the best of my knowiedge and belief is true, correct, and complete. Decision of properer other than experts based on all information of which preparar ny knowiedge. Sign your name here Date minuddy Print your new Mark Fronke Print your here Owner Beldayime phone (0) 07/31/20X1 5627093654 Check if you are self-employed PTIN Pold Preparer Use Only Pere's Presa Parameter your employed) Adres De (www) EIN Phone City State | zip code Form 941 (2001) Page 2 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORU, IT IS NOT THE OFFICIAL FORM ITSELR. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2019 McGraw-Hill Education Req2961 Pg 1 Reg 2 Schedule 960311 Schedule B (Form 941): Report of Tax Linbility for Semlweekly Schedule Depositora (Rav: January 2017 Department of the Treasury - Internal Revenue Service (EIN) Employer ID number (EIN -anter as XI-XX) Name (not your trade name) Calendar your (Also check quarter) OMS No. 1545-0029 Report for this Quarter... Check one.) 1. January February March ) April May June July August September 4 October November December Use this schedule to show your TAX LIABILITY for the quarter; DO NOT use it to show your deponits. When you file this form with Form 941 or Form 941-55, DO NOT change your tax tably by adjustments reported on any Forms 141-X. You must fill out this form and attach it to Form 961 or Form 941-83 you are a semiweekly schedule depositor or became one BOCHURE your accumulated tax liability, on any day was $100,000 or more. Write your daily tax liability on the numbered space that corresponds to the data wages were paid. See Section 11 In Pt. 15 (Circular E), Employer's Tax Guide, for detalle. Month 1 1 9 17 25 Tax liability for Month 1 2 10 11 19 27 4 20 201 29 5 15 21 30 31 7 23 10 24 Month 2 1 17 Tax liability for Month 2 25 26 18 10 15 27 12 20 20 Req 2 941 Pg Req 2 941 Pg 1 2 Reg 1 Reg 2 Schedule B Print Analyze What is the balance of the Employee Income Tax Payable account at July 157 erences Employee Income tax payable