Assume the following data for Jays Cutlery for the quarter ended March 31, 2020: Assume the following

Assume the following data for Jay’s Cutlery for the quarter ended March 31, 2020:

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Assume the following data for Jay's Cutlery for the quarter ended March 31, 2020: Employee FICA tax $14000 Federal Income tax 45000 State Income tax 4900 Employer FICA tax 14000 Federal unemployment tax 840 State unemployment tax 7790 Appropriate monthly deposits of Taxes for first quarter 70700 Form 941 for the first quarter would show $2300 balance due. $2300 overpaid. O $10860 balance due. O $10860 overpaid. Assume the following data for Jay's Cutlery for the quarter ended March 31, 2020: Employee FICA tax $14000 Federal Income tax 45000 State Income tax 4900 Employer FICA tax 14000 Federal unemployment tax 840 State unemployment tax 7790 Appropriate monthly deposits of Taxes for first quarter 70700 Form 941 for the first quarter would show $2300 balance due. $2300 overpaid. O $10860 balance due. O $10860 overpaid.

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2300 balance due Form 941 for the first quarter would show ... View the full answer