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Assume the Following Data for RacquetSports! for the Quarter Ended

Question 77

Essay

Assume the following data for RacquetSports! for the quarter ended June 30, 2022:  Number of employees for the quarter: 10 Gross earnings $50,000 Employee FICA tax $3,825 Federal Income tax $10,500 State Income tax $1,000 Employer FICA tax $3,825 Federal unemployment tax $300 State unemployment tax $1,800\begin{array}{lr}\text { Number of employees for the quarter: } 10\\\text { Gross earnings } & \$ 50,000 \\\text { Employee FICA tax } & \$ 3,825 \\\text { Federal Income tax } & \$ 10,500 \\\text { State Income tax } & \$ 1,000 \\\text { Employer FICA tax } & \$ 3,825 \\\text { Federal unemployment tax } & \$ 300 \\\text { State unemployment tax } & \$ 1,800\end{array} Monthly Federal Income Tax and FICA tax liability: January $4,500, February $6,500,
March $7,150
Federal Income Tax and FICA tax total monthly deposits for first quarter: $18,000
Instructions: What numbers would be input on Form 941 for the following line items: Line 3: Federal income tax withheld
Line 5a: Taxable social security wages
Line 5c: Taxable Medicare wages and tips
Line 6: Total taxes before adjustments
Line 11: Total deposits for this quarter
Line 12. Balance due
Line 13 : Overpayment

Correct Answer:

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\(\begin{array}{ll}
\text { Line 3: Fede...

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