Complete Form 940, Employer's Federal Unemployment (FUTA) Tax Return & Federal Deposit Information Worksheet, for Glo-Brite...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Complete Form 940, Employer's Federal Unemployment (FUTA) Tax Return & Federal Deposit Information Worksheet, for Glo-Brite Company. Also, complete the Federal Deposit Information Worksheet, using the blank form reproduced. a. Total wages for the first three quarters was $142,224.57. FUTA taxable wages for the first three quarters was $65,490.00. b. FUTA tax liability by quarter: 1st quarter-$204.53, 2nd quarter-$105.25, 3rd quarter-$83.16. The first FUTA deposit is now due. Figure 5.2 If an input box does not require an entry, leave it blank. When required, round amounts to the nearest cent. Click here to access the Wage-Bracket Method Tables. Form 940 for 20--: Employer identification number (EIN) Name (not your trade name) GLO-BRITE PAINT COMPANY Trade name (if any) Employer's Annual Federal Unemployment (FUTA) Tax Return Department of the Treasury Internal Revenue Service Address 2215 SALVADOR STREET Number Street 0 0 0 0 0 0 6 6 0 Sulte or room number Type of Return (Select one.) OMB No. 1545-0028 Go to www.irs.gov/Form940 for instructions and the latest information. Address 2215 SALVADOR STREET Number PHILADELPHIA City Street Foreign country name PA Select: State Foreign province/county Sulte or room number 19175-0682 5 Total of payments made to each employee in excess of $7,000. ZIP code Read the separate instructions before you complete this form. Please type or print within the boxes. Part 1: Tell us about your return. If any line does NOT apply, leave it blank. See instructions before completing Part 1. 1a If you had to pay state unemployment tax in one state only, enter the state abbreviation. 1b If you had to pay state unemployment tax in more than one state, you are a multi-state employer... 1b Foreign postal code 2 If you paid wages in a state that is subject to CREDIT REDUCTION Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3 Total payments to all employees. 4 Payments exempt from FUTA tax. 4 5 1a P 2 A Check here. Complete Schedule A (Form 940). Check here. Complete Schedule A (Form 940). 3 5 Total of payments made to each employee in excess of $7,000. 6 Subtotal (line 4+ line 5= line 6).. 7 Total taxable FUTA wages (line 3 - line 6= line 7). See instructions. 8 FUTA tax before adjustments (line 7 x 0.006 = line 8).. Part 3: Determine your adjustments. If any line does NOT apply, leave it blank. 9 If ALL of the taxable FUTA wages you paid were excluded from state unemployment tax, multiply line 7 by 0.054 (line 7 x 0.054 = line 9). Go to line 12.... 5 10 If SOME of the taxable FUTA wages you paid were excluded from state unemployment tax, OR you paid ANY state unemployment tax late (after the due date for filing Form 940), complete the worksheet in the instructions. Enter the amount from line 7 of the worksheet . . . . . 11 If credit reduction applies, enter the total from Schedule A (Form 940).. Part 4: Determine your FUTA tax and balance due or overpayment. If any line does NOT apply, leave it blank. 12 Total FUTA tax after adjustments (lines 8 + 9 + 10 + 11 = line 12). 13 FUTA tax deposited for the year, including any overpayment applied from a prior year 14 Balance due. If line 12 is more than line 13, enter the excess on line 14. • If line 14 is more than $500, you must deposit your tax. • If line 14 is $500 or less, you may pay with this return. See instructions. 15 Overpayment. If line 13 is more than line 12, enter the excess on line 15 and check a box below. ►You MUST complete both pages of this form and SIGN it. Check one: 9 10 12 13 □ Apply to next return. 7 8 11 14 15 WOOR □ Send a refund. Next → Name (not your trade name) GLO-BRITE PAINT COMPANY Part 7: Part 5: Report your FUTA tax liability by quarter only if line 12 is more than $500. If not, go to Part 6. 16 Report the amount of your FUTA tax liability for each quarter; do NOT enter the amount you deposited. If you had no liability for a quarter, leave the line blank. 16a 1st quarter (January 1 - March 31). . 16b 2nd quarter (April 1 - June 30). 16c 3rd quarter (July 1 - September 30). 16d 4th quarter (October 1 - December 31). 17 Total tax liability for the year (lines 16a + 16b + 16c + 16d = line 17) Part 6: May we speak with your third-party designee? Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS? See the instructions for details. Check My Work 16a Sign here. You MUST complete both pages of this form and SIGN it. 16b 16c 16d Employer identification number (EIN) 17 Designee's name and phone number Select a 5-digit Personal Identification Number (PIN) to use when talking to IRS 00-0000660 Total must equal line 12. Complete Form 940, Employer's Federal Unemployment (FUTA) Tax Return & Federal Deposit Information Worksheet, for Glo-Brite Company. Also, complete the Federal Deposit Information Worksheet, using the blank form reproduced. a. Total wages for the first three quarters was $142,224.57. FUTA taxable wages for the first three quarters was $65,490.00. b. FUTA tax liability by quarter: 1st quarter-$204.53, 2nd quarter-$105.25, 3rd quarter-$83.16. The first FUTA deposit is now due. Figure 5.2 If an input box does not require an entry, leave it blank. When required, round amounts to the nearest cent. Click here to access the Wage-Bracket Method Tables. Form 940 for 20--: Employer identification number (EIN) Name (not your trade name) GLO-BRITE PAINT COMPANY Trade name (if any) Employer's Annual Federal Unemployment (FUTA) Tax Return Department of the Treasury Internal Revenue Service Address 2215 SALVADOR STREET Number Street 0 0 0 0 0 0 6 6 0 Sulte or room number Type of Return (Select one.) OMB No. 1545-0028 Go to www.irs.gov/Form940 for instructions and the latest information. Address 2215 SALVADOR STREET Number PHILADELPHIA City Street Foreign country name PA Select: State Foreign province/county Sulte or room number 19175-0682 5 Total of payments made to each employee in excess of $7,000. ZIP code Read the separate instructions before you complete this form. Please type or print within the boxes. Part 1: Tell us about your return. If any line does NOT apply, leave it blank. See instructions before completing Part 1. 1a If you had to pay state unemployment tax in one state only, enter the state abbreviation. 1b If you had to pay state unemployment tax in more than one state, you are a multi-state employer... 1b Foreign postal code 2 If you paid wages in a state that is subject to CREDIT REDUCTION Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3 Total payments to all employees. 4 Payments exempt from FUTA tax. 4 5 1a P 2 A Check here. Complete Schedule A (Form 940). Check here. Complete Schedule A (Form 940). 3 5 Total of payments made to each employee in excess of $7,000. 6 Subtotal (line 4+ line 5= line 6).. 7 Total taxable FUTA wages (line 3 - line 6= line 7). See instructions. 8 FUTA tax before adjustments (line 7 x 0.006 = line 8).. Part 3: Determine your adjustments. If any line does NOT apply, leave it blank. 9 If ALL of the taxable FUTA wages you paid were excluded from state unemployment tax, multiply line 7 by 0.054 (line 7 x 0.054 = line 9). Go to line 12.... 5 10 If SOME of the taxable FUTA wages you paid were excluded from state unemployment tax, OR you paid ANY state unemployment tax late (after the due date for filing Form 940), complete the worksheet in the instructions. Enter the amount from line 7 of the worksheet . . . . . 11 If credit reduction applies, enter the total from Schedule A (Form 940).. Part 4: Determine your FUTA tax and balance due or overpayment. If any line does NOT apply, leave it blank. 12 Total FUTA tax after adjustments (lines 8 + 9 + 10 + 11 = line 12). 13 FUTA tax deposited for the year, including any overpayment applied from a prior year 14 Balance due. If line 12 is more than line 13, enter the excess on line 14. • If line 14 is more than $500, you must deposit your tax. • If line 14 is $500 or less, you may pay with this return. See instructions. 15 Overpayment. If line 13 is more than line 12, enter the excess on line 15 and check a box below. ►You MUST complete both pages of this form and SIGN it. Check one: 9 10 12 13 □ Apply to next return. 7 8 11 14 15 WOOR □ Send a refund. Next → Name (not your trade name) GLO-BRITE PAINT COMPANY Part 7: Part 5: Report your FUTA tax liability by quarter only if line 12 is more than $500. If not, go to Part 6. 16 Report the amount of your FUTA tax liability for each quarter; do NOT enter the amount you deposited. If you had no liability for a quarter, leave the line blank. 16a 1st quarter (January 1 - March 31). . 16b 2nd quarter (April 1 - June 30). 16c 3rd quarter (July 1 - September 30). 16d 4th quarter (October 1 - December 31). 17 Total tax liability for the year (lines 16a + 16b + 16c + 16d = line 17) Part 6: May we speak with your third-party designee? Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS? See the instructions for details. Check My Work 16a Sign here. You MUST complete both pages of this form and SIGN it. 16b 16c 16d Employer identification number (EIN) 17 Designee's name and phone number Select a 5-digit Personal Identification Number (PIN) to use when talking to IRS 00-0000660 Total must equal line 12.
Expert Answer:
Answer rating: 100% (QA)
Here are the answers to the questions in detail a Total wages for the first three qua... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Wage Bracket Method Tables for Income Tax Withholding - 2019 Lisa Is single and clalms one allowance. Assume that her employer uses wage bracket tables method. Use withholding allowance, wage bracket...
-
Employer B has a FUTA tax liability of $553.24 on January 31 of the current year. When does the employer have to make the deposit for this liability?
-
Employer A has a FUTA tax liability of $67.49 on March 31 of the current year. When does the employer have to make the deposit for this liability?
-
Is the answer correct? The graph of a y = f(x) is shown. 6 + 5 14 m ~ 1 -6 -5 -4 -3 2 -1 -1 -2 -3 A w -4 -5- -6+ 1 2 3 4 The domain of f(x) is x = [-3,3] The domain of g(x) = notation) S 6 f(x) is a ...
-
How does the audit team determine expected misstatement? What is the relationship between expected misstatement and sample size?
-
List and rank what you expect your five most important life and financial goals will be at retirement time?
-
Determine the work done in compressing \(1 \mathrm{~kg}\) of air from a volume of \(0.15 \mathrm{~m}^{3}\) at a pressure of \(1 \mathrm{bar}\) to a volume of \(0.05 \mathrm{~m}^{3}\), when the...
-
Tornado Champs Corp. uses activity-based costing to account for its motorcycle manufacturing process. Company managers have identified three supporting manufacturing activities: inspection, machine...
-
Barco Kyan Company Company Barco Company Kyan Company Data from the current year-end balance sheets Assets Cash $18,500 $ 32,000 Accounts receivable, net 36,400 Merchandise inventory 84,940 Prepaid...
-
Q1. Use the LIFO cost-flow assumption to answer the following questions. YEAR 1: Purchase #1 1,000 units @ $1 = $1,000 Purchase #2 1,000 units @ $1 = $1,000 a. How much is goods available for sale?...
-
A wedge of mass M is placed on a frictionless, horizontal surface, and a block of mass m is placed on the wedge, which also has a frictionless surface. The block's center of mass moves downward a...
-
An average cost curve reports to be AC = 214 + 5X2 10X. At what level of output is average cost minimized?
-
Cathy Thomas, a single mother, has modified AGI of $82,000. In 2019, her daughter begins work on her bachelors degree at an accredited institution. Cathy pays $6,000 in qualified tuition for the...
-
Find the finance charges on a 7.5%, 18-month, single-payment loan when interest is computed using the simple interest method. Find the finance charges on the same loan when interest is computed using...
-
You are residence director at Expensive Private University. Enrollment at your school has been declining because of repeated publicity about excessive drinking among the students. Last year, 23 were...
-
Sunrise Restoration and Remodeling is a small, privately-owned construction business specializing in restoring residential properties that have been damaged by fires and floods. Sunrise has a few...
-
Given the Student Information Table below, perform the following steps: Identifies an example of each of the update anomalies and complete the table entries (15 points) Identify all functional...
-
On August 31, 2012, the balances of the accounts appearing in the ledger of Wood Interiors Company, a furniture wholesaler, are as follows:Prepare the August 31, 2012, closing entries for Wood...
-
Hunter Sobitson, a waiter at the Twentieth Hole restaurant, worked 43 hours this week and collected over $650 in tips. The restaurant uses the full tip credit against the minimum wage and pays...
-
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Amount to Be Withheld Marital Status No. of...
-
Sean Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer...
-
Explain how the control variate technique is implemented.
-
Suppose that in September 2013 a company takes a long position in a contract on May 2014 crude oil futures. It closes out its position in March 2014. The futures price (per barrel) is \($88.30\) when...
-
The price of a non-dividend paying stock is \($19\) and the price of a three-month European call option on the stock with a strike price of \($20\) is \($1.\) The risk-free rate is 4% per annum. What...
Study smarter with the SolutionInn App