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ACCT216 Week 7 Homework 1. Please write a four-to-six

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ACCT216
Week 7 Homework


1. Please write a four-to-six sentence paragraph on the following questions.
a. Describe the three federal filing requirements for a company at the end of the year.
b. What is the difference between Form 940 and Form 941?
2. Betty Meyer makes $40,000 per year as an exempt employee. She worked 25 hours of overtime in the month of March. Payday for wages earned in the month of March is April 7. Ignoring Federal and State income tax withholdings, how much would she receive for September net of Social Security and Medicare taxes? What journal entry would be made on March 31 for wages owed to Betty? What journal entry would be made when she is paid on April 7?
Submitted: 4 years ago.
Category: Multiple Problems
Expert:  Neo replied 4 years ago.
Good day!

I am very sorry. I do not think I can help on this one. I'll opt out to let other expert see this.

I do apologize.

Expert:  MyVirtualCPA replied 4 years ago.
At the end of the year, a corporation must file their annual income tax return, FICA Payroll tax returns, and FUTA tax return. This means that each corporation must file an 1120, 941, and 940 form with the IRS by the specified due date, which is March 15 for a corporation with a December year end. Although form 940 and 941 sound similar, the form 940 is used for Federal Unemployment Tax. Form 941 is a quarterly Payroll report which the corporation files in regards XXXXX XXXXX employees' social security and medicare tax liabilities.

Part 2

As an exempt emploXXXXX, XXXXX will not receive additional compensation for overtime worked. Exempt employees are "exempt" from time reporting and as such receive a flat salary. Professionals are usually exempt employees.

Mary receives $3,145 net pay which considers her FICA liability but not any federal tax withholding. On March 31, the employer will debit salaries expense and credit salaries payable. On april 7, the employer will debit salaries payable and credit cash to record the payment
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