Griffith & Associates Is Trying to Determine How Often It

question 64

Essay

Griffith & Associates is trying to determine how often it needs to deposit payroll taxes for the calendar year 2017.The company made the following quarterly payroll tax deposits during the last two years:
$\begin{array}{lr}\text {Quarter beginning January 1, 2015 }&\$11,000\\\text {Quarter beginning April 1, 2015 }&11,000\\\text { Quarter beginning July 1, 2015}&10,000\\\text {Quarter beginning October 1,2015 }&10,000\\\text {Quarter beginning January 1, 2016 }&15,000\\\text {Quarter beginning April 1, 2016 }&16,000\\\text {Quarter beginning July 1, 2016 }&12,000\\\text {Quarter beginning October 1,2016 }&18,000\\\end{array}$
a.What is the lookback period and amount?
b.In 2017,how often must Griffith & Associates make payroll deposits?

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Definitions:

Instinct

Innate drive or impulse, genetically transmitted.

Attachments

Emotional bonds formed between individuals, crucial for personal development and influencing later relationships.

Reconciliation

The process of restoring friendly relations or making one's beliefs or actions consistent with another.

Checking Account

A checking account is a bank account that allows for easy access to funds, including deposits and withdrawals, usually without limits on the number of transactions.