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Figure 5.2, Figure 5.3 and Figure 5.4 Since the SUTA rates changes are made at the end of each year, the available 2022 rates were used for FUTA and SUTA. Note: The net FUTA tax rate of 0.6% is used in the text. Note: The Credit Reduction State status is year specific; thus likely to differ from year to year. Please look for updated details in the textbook before completing Schedule A for Form 940. the accountant for Runson Moving Company, you are preparing the company's annual return, Form 940 and Schedule A. Use the following information to complete Form 940 and Schedule A. The net FUTA tax liability for each quarter of 20 was as follows: 1 st, $220.10;2nd, $107.60;3rd,$101.00; and 4 th, $56.10 plus the credit reduction. Since the net FUTA tax liability did not exceed $500 until the 4 th quarter, the company was required to make its first deposit of FUTA taxes on January 31 of the next year. Assume that the electronic payment was made on time. a. One of the employees performs all of his duties in another state-Arizona. b. Total payments made to employees during calendar year 20 c. Employer contributions in California into employees' 401(k) retirement plan: $3,500 d. Payments made to employees in excess of $7,000:$36,500($11,490 from Arizona and $25,010 from California). e. Form is to be signed by Mickey Vixon, Vice President, and dated 1/31/. f. Phone number-(219) 5558310. If an input box does not require an entry, leave it blank. When required, round amounts to the nearest cent. Use rounded answers for subsequent computations. 940 for 20--: Employer's Annual Federal Unemployment (FUTA) Tax Return Department of the Treasury - Internal Revenue Service Part3 Determine your adjustments. If any line does NOT apply, leave it blank. If ALL of the taxable FUTA wages you paid were excluded from state unemployment tax, multiply line 7 by 0.054 (line 70.054 = line 9). Go to line 12 ............................ 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), 18 complete the worksheet in the instructions. Enter the amount from line 7 of the worksheet If credit reduction applies, enter the total from Schedule A (Form 940) 9 10 Determine your FUTA tax and balance due or overpayment. If any line doe: apply, leave it blank. Total FUTA tax after adjustments (lines 8+9+10+11= line 12) 12. 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 . Overpayment. If line 13 is more than line 12 , enter the excess on line 15 and check a box below. 12 11 Part 4 13 15 15 and check a box below......... You MUST complete both pages of this form and SIGN it. 14 13. 15 15 Cherk 2. Rpiy te meat istuen. a send in maty c sind in maty For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher. Report your FUTA tax liability by quarter only if line 12 is more than $500. 90 to Part 6. 16 Report the amount of your FUTA tax liability for each quarter; do NOT enter th amount you deposited. If you had no liability for a quarter, leave the line blan 16 a 1 st quarter (January 1 - March 31) 16a 16b 2nd quarter (April 1 - June 30) 16. 16c3 rd quarter (July 1 - September 30) Report your FUTA tax liability by quarter only if line 12 is more than $500. If 90 to Part 6. 14 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) 16s 16 b 2nd quarter (April 1 - June 30) 16c 3rd quarter (July 1 - September 30) 16d 4th quarter (October 1 - December 31) ife Total tax liability for the year (lines 16a+16b+16c+ 16d= line 17) 17 Total munt + tine 12. May we speak with your third-party designee? Do you want to allow an employee, a paid tax preparer, or another person to dis this return with the IRS? See the instructions for details. Select a 5-digit Personal Identification Number (PIN) to use when talking to IRS art 7: Sign here. You MUST fill out both pages of this form and SIGN it. Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it true, correct, and complete, and that no part of any payment made to a state unemployn. fund claimed as a credit was, or is to be, deducted from the payments made to employee Declaration of preparer (other than taxpayer) is based on all information of which prepan has any knowledge. signyeurmamehere Arust yout chape hers Prire pour inin tare fret fertime phane Source: Internal Revenue Iti-state Employer and Credit Reduction Information partment of the Treasury - Internal Revenue Service nployer identification number (EIN) me (not yo trade natie). ce an " X " in the box of EVERY state in which you had to pay state unemployment t year. For the U.S. Virgin Islands, enter the FUTA taxable wages and the reductior te (see page 2). Multiply the FUTA taxable wages by the reduction rate and enter tr edit reduction amount. Don't include in the FUTA Taxable Wages box wages that we cluded from state unemployment tax (see the instructions for Step 2). If any stater n't apply to you, leave them blank. Figure 5.2, Figure 5.3 and Figure 5.4 Since the SUTA rates changes are made at the end of each year, the available 2022 rates were used for FUTA and SUTA. Note: The net FUTA tax rate of 0.6% is used in the text. Note: The Credit Reduction State status is year specific; thus likely to differ from year to year. Please look for updated details in the textbook before completing Schedule A for Form 940. the accountant for Runson Moving Company, you are preparing the company's annual return, Form 940 and Schedule A. Use the following information to complete Form 940 and Schedule A. The net FUTA tax liability for each quarter of 20 was as follows: 1 st, $220.10;2nd, $107.60;3rd,$101.00; and 4 th, $56.10 plus the credit reduction. Since the net FUTA tax liability did not exceed $500 until the 4 th quarter, the company was required to make its first deposit of FUTA taxes on January 31 of the next year. Assume that the electronic payment was made on time. a. One of the employees performs all of his duties in another state-Arizona. b. Total payments made to employees during calendar year 20 c. Employer contributions in California into employees' 401(k) retirement plan: $3,500 d. Payments made to employees in excess of $7,000:$36,500($11,490 from Arizona and $25,010 from California). e. Form is to be signed by Mickey Vixon, Vice President, and dated 1/31/. f. Phone number-(219) 5558310. If an input box does not require an entry, leave it blank. When required, round amounts to the nearest cent. Use rounded answers for subsequent computations. 940 for 20--: Employer's Annual Federal Unemployment (FUTA) Tax Return Department of the Treasury - Internal Revenue Service Part3 Determine your adjustments. If any line does NOT apply, leave it blank. If ALL of the taxable FUTA wages you paid were excluded from state unemployment tax, multiply line 7 by 0.054 (line 70.054 = line 9). Go to line 12 ............................ 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), 18 complete the worksheet in the instructions. Enter the amount from line 7 of the worksheet If credit reduction applies, enter the total from Schedule A (Form 940) 9 10 Determine your FUTA tax and balance due or overpayment. If any line doe: apply, leave it blank. Total FUTA tax after adjustments (lines 8+9+10+11= line 12) 12. 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 . Overpayment. If line 13 is more than line 12 , enter the excess on line 15 and check a box below. 12 11 Part 4 13 15 15 and check a box below......... You MUST complete both pages of this form and SIGN it. 14 13. 15 15 Cherk 2. Rpiy te meat istuen. a send in maty c sind in maty For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher. Report your FUTA tax liability by quarter only if line 12 is more than $500. 90 to Part 6. 16 Report the amount of your FUTA tax liability for each quarter; do NOT enter th amount you deposited. If you had no liability for a quarter, leave the line blan 16 a 1 st quarter (January 1 - March 31) 16a 16b 2nd quarter (April 1 - June 30) 16. 16c3 rd quarter (July 1 - September 30) Report your FUTA tax liability by quarter only if line 12 is more than $500. If 90 to Part 6. 14 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) 16s 16 b 2nd quarter (April 1 - June 30) 16c 3rd quarter (July 1 - September 30) 16d 4th quarter (October 1 - December 31) ife Total tax liability for the year (lines 16a+16b+16c+ 16d= line 17) 17 Total munt + tine 12. May we speak with your third-party designee? Do you want to allow an employee, a paid tax preparer, or another person to dis this return with the IRS? See the instructions for details. Select a 5-digit Personal Identification Number (PIN) to use when talking to IRS art 7: Sign here. You MUST fill out both pages of this form and SIGN it. Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it true, correct, and complete, and that no part of any payment made to a state unemployn. fund claimed as a credit was, or is to be, deducted from the payments made to employee Declaration of preparer (other than taxpayer) is based on all information of which prepan has any knowledge. signyeurmamehere Arust yout chape hers Prire pour inin tare fret fertime phane Source: Internal Revenue Iti-state Employer and Credit Reduction Information partment of the Treasury - Internal Revenue Service nployer identification number (EIN) me (not yo trade natie). ce an " X " in the box of EVERY state in which you had to pay state unemployment t year. For the U.S. Virgin Islands, enter the FUTA taxable wages and the reductior te (see page 2). Multiply the FUTA taxable wages by the reduction rate and enter tr edit reduction amount. Don't include in the FUTA Taxable Wages box wages that we cluded from state unemployment tax (see the instructions for Step 2). If any stater n't apply to you, leave them blank