Accounting Scenario 6 - Form 940 Hide Assignment Information Instructions Accounting Scenario 6 Harrow's Accounting Firm has the following information related to its current year payroll as of December 31: 1. Federal Unemployment Tax Payable as of December 31, $336.00 2. FUTA taxable earnings limit of $7,000, rate 0.6 percent (0.006) 3. First-quarter FUTA taxable liability, $675.00, paid April 30 4. Second-quarter FUTA taxable liability, $224.00 (liability under $500, no payment made) 5. Third-quarter FUTA taxable liability, $384.00 (total liability under $500, no payment made) 6. Fourth-quarter FUTA taxable liability, $157.00 (payment to be made January of the following year) 7. FUTA taxable earnings for the year, $240,000 8. Total Harrow's Accounting Firm Wages, $410,000 9. Harrow's Accounting Firm EIN, 75-1234567 10. No exempt FUTA payments 11. Address: 2831 N. Main Street, Tarpon Bay MI 44000 1. Federal Unemployment Tax Payable as of December 31, $336.00 2. FUTA taxable earnings limit of $7,000, rate 0.6 percent (0.006) 3. First-quarter FUTA taxable liability, $675.00, paid April 30 4. Second-quarter FUTA taxable liability, $224.00 (liability under $500, no payment made) 5. Third-quarter FUTA taxable liability, $384.00 (total liability under $500, no payment made) 6. Fourth-quarter FUTA taxable liability, $157.00 (payment to be made January of the following year) 7. FUTA taxable earnings for the year, $240,000 8. Total Harrow's Accounting Firm Wages, $410,000 9. Harrow's Accounting Firm EIN, 75-1234567 10. No exempt FUTA payments 11. Address: 2831 N. Main Street, Tarpon Bay MI 44000 What you must do: Go to www.irs.gov and locate Form 940. Prepare Form 940 for the year. Then, record the appropriate FUTA payment entry in the journal. Submission Format Use Form 940 found on www.irs.gov to complete this assignment. Submit your completed Form 940 in D2L. DO NOT email your work to your instructor. Start Date Aug 20, 2020 7:19 PM Accounting Scenario 6 - Form 940 Hide Assignment Information Instructions Accounting Scenario 6 Harrow's Accounting Firm has the following information related to its current year payroll as of December 31: 1. Federal Unemployment Tax Payable as of December 31, $336.00 2. FUTA taxable earnings limit of $7,000, rate 0.6 percent (0.006) 3. First-quarter FUTA taxable liability, $675.00, paid April 30 4. Second-quarter FUTA taxable liability, $224.00 (liability under $500, no payment made) 5. Third-quarter FUTA taxable liability, $384.00 (total liability under $500, no payment made) 6. Fourth-quarter FUTA taxable liability, $157.00 (payment to be made January of the following year) 7. FUTA taxable earnings for the year, $240,000 8. Total Harrow's Accounting Firm Wages, $410,000 9. Harrow's Accounting Firm EIN, 75-1234567 10. No exempt FUTA payments 11. Address: 2831 N. Main Street, Tarpon Bay MI 44000 1. Federal Unemployment Tax Payable as of December 31, $336.00 2. FUTA taxable earnings limit of $7,000, rate 0.6 percent (0.006) 3. First-quarter FUTA taxable liability, $675.00, paid April 30 4. Second-quarter FUTA taxable liability, $224.00 (liability under $500, no payment made) 5. Third-quarter FUTA taxable liability, $384.00 (total liability under $500, no payment made) 6. Fourth-quarter FUTA taxable liability, $157.00 (payment to be made January of the following year) 7. FUTA taxable earnings for the year, $240,000 8. Total Harrow's Accounting Firm Wages, $410,000 9. Harrow's Accounting Firm EIN, 75-1234567 10. No exempt FUTA payments 11. Address: 2831 N. Main Street, Tarpon Bay MI 44000 What you must do: Go to www.irs.gov and locate Form 940. Prepare Form 940 for the year. Then, record the appropriate FUTA payment entry in the journal. Submission Format Use Form 940 found on www.irs.gov to complete this assignment. Submit your completed Form 940 in D2L. DO NOT email your work to your instructor. Start Date Aug 20, 2020 7:19 PM