The first-quarter tax retum needs to be filed for Prevosti Farms and Sugarhouse by April 30, 2023 For the taxes, assume the second February payroll amounts were duplicated for the March 10 and March 24 payrol periods, and the new benefit elections went into effect as planned. The form was completed and signed on April 11, 2023 Exempt Benefit Information Federal FICA Health Insurance Yes Yes Life Insurance Yes Yes Long-term Care Yes Yes FSA Yes Yes 401(k) Yes No бул No No Owner's name Address Phone Number of employees Gross quarterly wages lexclusive of fringe benefits) Federal income tax withheld 401(k) contributions Section 125 withheld Gym Membership (add to all taxable wages, not included above) Manth 1 Deposit Month 2 Deposit Month 3 Deposit Toni Prevosti 828 Westminster Road, Bridgewater, VT 05520. 882-555-3456 $ 38.720.96 $469.00 $ 1,514.27 $ 4,850.00 $ 90.00 50.00 $ 2,691.49 $3,091.35 Required: Complete Form 941 for Prevosti Farms and Sugarhouse. Prevosti Farms and Sugarhouse was assigned EIN 22-6654454 Note: Instructions on format can be found on certain cells within the forms

For each employee listed, use the percentage method to calculate federal income tax withholding, assuming that each has submitted a pre-2020 Form W-4. Then calculate both the state income tax withholding (assuming a state tax rate of 5.0% of taxable pay, with taxable pay being the same for federal and state income tax withholding), and the local income tax withholding. Refer to the Federal Tax Tables in Appendix A of your textbook.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Armand Giroux (single; 0 federal withholding allowances) earned weekly gross pay of $1,490. For each period, he makes a 401(k) retirement plan contribution of 7% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 1.1% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 0.70% of an employee's taxable pay on…

Blossom Home Inc., a real estate developing company, was accounting for its long-term contracts using the completed contract method prior to 2024. In 2024, it changed to the percentage-of-completion method. The company decided to use the same for income tax purposes. The tax rate enacted is 20%. Income before taxes under both the methods for the past three years appears below. Completed contract Percentage-of-completion 2022 2023 $385000 $261000 685000 323000 2024 A credit to Retained Earnings for $219280 O A debit to Retained Earnings $289600 A credit to Retained Earnings for $289600 A debit to Retained Earnings for $219280 $137000 205000 Which of the following will be included in the journal entry made by Blossom Home to record the income effect after taxes?

Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. As we go to press, the federal income tax rates for 2022 are being determined by budget talks in Washington and not available for publication. For this edition, the 2021 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2021 FICA rates have been used. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. Employee Lennon, A. Starr, P. McNeil, S. Harrison, W. Smythe, M. Feedback Filing Status S S MFJ MFJ MFJ No. of Withholding Allowances N/A N/A N/A N/A N/A Gross Wage or Salary $675 weekly 1,365 weekly 1,775 biweekly 2,480 semimonthly 5,380 monthly Amount to Be Withheld Percentage Method X X X X X Wage-Bracket Method X X X X X…