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Check my work 07 ! Required information (The following information applies to the questions displayed below.] Part 2 of 2 16.66 points Certain transactions and procedures relating to federal and state unemployment taxes follow for Robin's Nest LLC, a retail store owned by Robin Roberts. The firm's address is 2007 Lovely Lane, Dallas, TX 75268-0967. The firm's phone number is 972-456-1200.The employer's federal and state identification numbers are 75-9462315 and 37- 9462315, respectively. Carry out the procedures as instructed in each of the following steps. eBook Wages Paid State Quarter Total in Excess Unemployment Ended Wages Paid of $7,000 Tax Mar. 31 $ 24,813.00 -- $ 421.82 June 30 62,200.00 3,900.00 991.10 Sept. 30 34,800.00 21,700.00 222.70 Dec. 31 38,400.00 33,670.00 80.41 Totals $160, 213.00 $59,270.00 $1,716.03 References Required: 1. Complete Form 940, the Employer's Annual Federal Unemployment Tax Return. Assume that all wages have been paid and that all quarterly payments have been submitted to the state as required. The payroll information for 20X1 appears above. The federal tax deposits were submitted as follows: a deposit of $148.88 on April 21, a deposit of $349.80 on July 22, and a deposit of $78.60 on October 21. Date the unemployment tax return January 28, 20X2. A check for the balance due as per line 14, Part 4, will be sent with Form 940 2. In general journal form, record issuance of a check on January 28, 20X2, for the balance of FUTA tax due for 20X1. Page 1 of Form 940 a. b C Form 940 for 20X1: Employer's Annual Federal Unemployment (FUTA) Tax Return 850113 Department of the Treasury - Internal Revenue Service OMB No. 1545-0028 Employer ID number (EIN-enter as xx- 75-9462315 Type of Return (Check all that apply.) XXXXXXX) ) Name (not your trade name) Robin Robert Amended Trade name (if any) Robin's Nest LLC Successor employer Address 2007 Lovely Lane No payments to employees in 20X1 Number Street Suite or room number Dallas TX 752680967 d. Final: Business closed or stopped paying City State (NN) ZIP code wages Instructions and prior-year forms are available at www.irs.gov/form940. Foreign country name Foreign province/county Foreign Postal 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 (In Capital Letters) 1a TX Complete Sched. 1b If you had to pay state unemployment tax in more than one state, you are a multi-state employer, check here 1b A Complete Sched 2 If you paid wages in a state that is subject to CREDIT REDUCTION, check here 2 A Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. (Round your answers to 2 decimal places.) 6 6 8 3 Total payments to all employees 160,213.00 4 Payments exempt from FUTA tax Check all that apply 4a Fringe benefits 4c Retirement/Pension 4e Other 46. Group-term life insurance 4d Dependent care 5 Total of payments made to each employee in excess of $7,000 59,270.00 6 Subtotal (line 4 + line 5 = line 6) 5 6) 59,270.00 7 Total taxable FUTA wages (line 3 - line 6 = line 7) (see instructions) 7 100,943.00 8 FUTA tax before adjustments (line 7 x.006 = line 8) 605.66 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 10 If SOME of the taxable FUTA wages you paid were excluded from state unemployment tax, OR you paid ANY state unemploy- ment 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 10 11 If credit reduction applies, enter the total from Schedule A (Form 940) 11 Part 4: Determine your FUTA tax and balance due or overpayment. If any line does NOT apply, leave it blank. (Round your answers to 2 decimal places.) 12 Total FUTA tax after adjustments (lines 8 + 9 + 10 + 11 = line 12) 12 605.66 13 FUTA tax deposited for the year, including any overpayment applied from a prior year 13 1,716.03 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) 14 0.00 15 Overpayment (If line 13 is more than line 12, enter the excess on line 15 and check a box below.) 15 1,110.37 You MUST complete both pages of this form and SIGN it. Check one Apply to next retum Send a refund Next + Req 1 940 PG Req 1 940 PG 1 2 Reg 2 Page 2 of Form 940 Name (not your trade name) Employer ID number (EIN-enter as XX-XXXXXXX) Robin Robert 75-9462315 Report your FUTA tax liability by quarter only if line 12 is more than $500. If not, go to Part 6. (Round your answers to 2 decimal Part 5: places.) 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, enter "O". 16a 1st quarter (January 1 - March 31) 16a 277.59 16b 2nd quarter (April 1 - June 30) 16b 277.59 160 3rd quarter (July 1 - September 30) 16c 277.59 16d 4th quarter (October 1 - December 31) 16d 277.59 17 Total tax liability for the year (lines 16a + 16b + 16c + 160 = line 17) 17 1.110.36 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. Designee's name and phone number Select a 5-digit Personal Identification Number (PIN) to use when talking to IRS Part 7: Sign here. You MUST complete both pages of this form and SIGN it. Under penalties of perjury, I declare that I have examined this retum, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete, and that no part of any payment made to a state unemployment fund claimed as a credit was or is to be deducted from the payments made to employees. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge Print your name here Sign your name here Robin Robert Owner/President Print your title here Date (mm/dd/yyyy) 01/28/20X2 Best daytime phone (xXX-XXX-XXXX) 9724561200 Paid Preparer Use Only Check if you are self-employed Preparer's name PTIN Preparer's signature Date (mm/dd/yyyy) Fir's name (or yours if self-employed) EIN Address Phone City State (NN) ZIP code Page 2 Form 940 (20X1) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2019 McGraw-Hill Education. Req 1 940 PG Req 1 940 PG 1 2 Reg 2 In general journal form, record issuance of a check on January 28, 20X2, for the balance of FUTA tax due for 20X1. (Round your answers to 2 decimal places.) View transaction list View journal entry worksheet X No Date General Journal Debit Credit 1 Jan. 28, 20X2 Federal unemployment tax payable 28.38 Cash 28.38 Check my work 07 ! Required information (The following information applies to the questions displayed below.] Part 2 of 2 16.66 points Certain transactions and procedures relating to federal and state unemployment taxes follow for Robin's Nest LLC, a retail store owned by Robin Roberts. The firm's address is 2007 Lovely Lane, Dallas, TX 75268-0967. The firm's phone number is 972-456-1200.The employer's federal and state identification numbers are 75-9462315 and 37- 9462315, respectively. Carry out the procedures as instructed in each of the following steps. eBook Wages Paid State Quarter Total in Excess Unemployment Ended Wages Paid of $7,000 Tax Mar. 31 $ 24,813.00 -- $ 421.82 June 30 62,200.00 3,900.00 991.10 Sept. 30 34,800.00 21,700.00 222.70 Dec. 31 38,400.00 33,670.00 80.41 Totals $160, 213.00 $59,270.00 $1,716.03 References Required: 1. Complete Form 940, the Employer's Annual Federal Unemployment Tax Return. Assume that all wages have been paid and that all quarterly payments have been submitted to the state as required. The payroll information for 20X1 appears above. The federal tax deposits were submitted as follows: a deposit of $148.88 on April 21, a deposit of $349.80 on July 22, and a deposit of $78.60 on October 21. Date the unemployment tax return January 28, 20X2. A check for the balance due as per line 14, Part 4, will be sent with Form 940 2. In general journal form, record issuance of a check on January 28, 20X2, for the balance of FUTA tax due for 20X1. Page 1 of Form 940 a. b C Form 940 for 20X1: Employer's Annual Federal Unemployment (FUTA) Tax Return 850113 Department of the Treasury - Internal Revenue Service OMB No. 1545-0028 Employer ID number (EIN-enter as xx- 75-9462315 Type of Return (Check all that apply.) XXXXXXX) ) Name (not your trade name) Robin Robert Amended Trade name (if any) Robin's Nest LLC Successor employer Address 2007 Lovely Lane No payments to employees in 20X1 Number Street Suite or room number Dallas TX 752680967 d. Final: Business closed or stopped paying City State (NN) ZIP code wages Instructions and prior-year forms are available at www.irs.gov/form940. Foreign country name Foreign province/county Foreign Postal 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 (In Capital Letters) 1a TX Complete Sched. 1b If you had to pay state unemployment tax in more than one state, you are a multi-state employer, check here 1b A Complete Sched 2 If you paid wages in a state that is subject to CREDIT REDUCTION, check here 2 A Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. (Round your answers to 2 decimal places.) 6 6 8 3 Total payments to all employees 160,213.00 4 Payments exempt from FUTA tax Check all that apply 4a Fringe benefits 4c Retirement/Pension 4e Other 46. Group-term life insurance 4d Dependent care 5 Total of payments made to each employee in excess of $7,000 59,270.00 6 Subtotal (line 4 + line 5 = line 6) 5 6) 59,270.00 7 Total taxable FUTA wages (line 3 - line 6 = line 7) (see instructions) 7 100,943.00 8 FUTA tax before adjustments (line 7 x.006 = line 8) 605.66 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 10 If SOME of the taxable FUTA wages you paid were excluded from state unemployment tax, OR you paid ANY state unemploy- ment 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 10 11 If credit reduction applies, enter the total from Schedule A (Form 940) 11 Part 4: Determine your FUTA tax and balance due or overpayment. If any line does NOT apply, leave it blank. (Round your answers to 2 decimal places.) 12 Total FUTA tax after adjustments (lines 8 + 9 + 10 + 11 = line 12) 12 605.66 13 FUTA tax deposited for the year, including any overpayment applied from a prior year 13 1,716.03 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) 14 0.00 15 Overpayment (If line 13 is more than line 12, enter the excess on line 15 and check a box below.) 15 1,110.37 You MUST complete both pages of this form and SIGN it. Check one Apply to next retum Send a refund Next + Req 1 940 PG Req 1 940 PG 1 2 Reg 2 Page 2 of Form 940 Name (not your trade name) Employer ID number (EIN-enter as XX-XXXXXXX) Robin Robert 75-9462315 Report your FUTA tax liability by quarter only if line 12 is more than $500. If not, go to Part 6. (Round your answers to 2 decimal Part 5: places.) 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, enter "O". 16a 1st quarter (January 1 - March 31) 16a 277.59 16b 2nd quarter (April 1 - June 30) 16b 277.59 160 3rd quarter (July 1 - September 30) 16c 277.59 16d 4th quarter (October 1 - December 31) 16d 277.59 17 Total tax liability for the year (lines 16a + 16b + 16c + 160 = line 17) 17 1.110.36 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. Designee's name and phone number Select a 5-digit Personal Identification Number (PIN) to use when talking to IRS Part 7: Sign here. You MUST complete both pages of this form and SIGN it. Under penalties of perjury, I declare that I have examined this retum, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete, and that no part of any payment made to a state unemployment fund claimed as a credit was or is to be deducted from the payments made to employees. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge Print your name here Sign your name here Robin Robert Owner/President Print your title here Date (mm/dd/yyyy) 01/28/20X2 Best daytime phone (xXX-XXX-XXXX) 9724561200 Paid Preparer Use Only Check if you are self-employed Preparer's name PTIN Preparer's signature Date (mm/dd/yyyy) Fir's name (or yours if self-employed) EIN Address Phone City State (NN) ZIP code Page 2 Form 940 (20X1) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2019 McGraw-Hill Education. Req 1 940 PG Req 1 940 PG 1 2 Reg 2 In general journal form, record issuance of a check on January 28, 20X2, for the balance of FUTA tax due for 20X1. (Round your answers to 2 decimal places.) View transaction list View journal entry worksheet X No Date General Journal Debit Credit 1 Jan. 28, 20X2 Federal unemployment tax payable 28.38 Cash 28.38