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MBA, Ph.D in Management
Harvard university
Feb-1997 - Aug-2003
Professor
Strayer University
Jan-2007 - Present
3-14A • LO 5 See pages 3-22 and 3-23
During the third calendar quarter of 20--, Bayview Inn, owned by Diane R. Peters, employed the persons listed below. Also given are the employees' salaries or wages and the amount of tips reported to the owner. The tips were reported by the 10th of each month. The federal income tax and FICA tax to be withheld from the tips were estimated by the owner and withheld equally over the 13 weekly pay periods. The employer's portion of FICA tax on the tips was estimated as the same amount.
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Employees are paid weekly on Friday. The following paydays occurred during this quarter:
July
August
September
5 weekly paydays
4 weekly paydays
4 weekly paydays
Taxes withheld for the 13 paydays in the third quarter follow:
Employees' Federal Income Tax
Weekly FICA Taxes Withheld on Wages
Weekly FICA Taxes on Tips
OASDI
HI
OASDI
HI
$700 per week
Employees' $500.65
$117.11
Employees' $48.07
$11.24
Employer's 500.65
117.09
Employer's 48.07
11.24
Based on the information given, complete Form 941 on the following pages for Diane R. Peters. Phone number: (901) 555-7959
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