Question: 1 Complete Form 940 the Employer s Annual Federal Unemployment Tax

1. Complete Form 940, the Employer’s Annual Federal Unemployment Tax Return. Assume that all wages have been paid and that all quarterly payments have been submitted to the state as required. The payroll information for 2016 appears below. The firm’s FUTA tax liability by quarter follows. 1st quarter, $122.01; 2nd quarter, $127.50; third quarter, $76.50; and fourth quarter, $87.30. The firm made no FUTA deposits in 2016. Date the unemployment tax return January 27, 2017. A check for the balance due will be sent with Form 940.

2. On January 27, 2017, the firm paid the amount shown on line 14, Part 4 of form 940. In general journal form, record the payment. Use journal page 48.

Analyze: What is the balance of the Federal Unemployment Tax Payable account on January 27,2017?
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