The information given below was taken from the payroll records of Clegg Company (Oregon employer) for 20--.
Question:
The information given below was taken from the payroll records of Clegg Company (Oregon employer) for 20--.
Use the information to complete the partially illustrated Form 940 shown below. Assume that all taxes were deposited timely.
Total remuneration: $155,900
Included in the total remuneration is $3,000 of employer's contributions to the employees' 401(k) plans.
Remuneration in excess of $7,000: $66,670
Taxable remuneration by quarters:
1st quarter $43,700
2nd quarter $24,940
3rd quarter $14,360
4th quarter $3,230
If required, round your answers to two decimal places
. Part 2: Determine your FUTA tax before adjustments for 20--. If any line does NOT apply, leave it blank.
3 Total payments to all employees 3
4 Payments exempt from FUTA tax 4 Select:
5 Total of payments made to each employee in excess of $7,000 5
6 Subtotal (line 4 + line 5 = line 6) 6
7 Total taxable FUTA wages (line 3 – line 6 = line 7)
7 8 FUTA tax before adjustments (line 7 x .006 = line 8) 8
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