Assume the Following Data for Jay's Cutlery for the Quarter

question 63

Multiple Choice

Assume the following data for Jay's Cutlery for the quarter ended March 31, 2022: $$\begin{array}{ll}\text {employee FICA tax }&\text {\$16,000 }\\\text { federal income tax }&42,000\\\text {state income taxes }&4,200\\\text { employer FICA tax}&16,000\\\text { federal unemployment tax}&850\\\text {state unemployment tax}&7,650\end{array}$$ Appropriate monthly deposits of Taxes for first quarter 72,000
Form 941 for the first quarter would show

• A) $2,000 balance due.
• B) $2,000 overpaid.
• C) $13,150 balance due.
• D) $13,150 overpaid.

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Definitions:

Tariff

A tax imposed by a government on goods and services imported from other countries, used to protect domestic industries from foreign competition.

Imported Good

A product or service that is brought into one country from another for sale or use.

Trade Deficit

A situation where a country's imports of goods and services exceed its exports, leading to a negative balance of trade.

Major Concern

A primary or significant issue that requires attention or resolution within a particular context, such as economy, environment, or society.