Question

At the end of the second quarter, a company has $942,100.00 in taxable social security wages. Calculate the amount that is entered on the organization's Form 941, Line 5a Column 2 (the employee and employer shares of social security tax), for the second quarter.

Answer 1

To calculate the amount entered on Form 941, Line 5a, Column 2 for the second quarter, multiply the taxable social security wages by 6.2%.

Step-by-step explanation:

To calculate the amount entered on the organization's Form 941, Line 5a, Column 2 for the second quarter, we need to determine the total employee and employer shares of social security tax. The employee's share is 6.2% of the taxable social security wages, and the employer's share is also 6.2%.

So, to find the amount, we'll calculate 6.2% of $942,100 (the taxable social security wages). This gives us $58,434.20, which is the total tax amount for both the employee and employer shares. Therefore, the amount entered on Form 941, Line 5a, Column 2 for the second quarter will be $58,434.20.