Question: Using the information below, please complete a Form 940 for Titans' Sporting Goods for the current year. Additional information needed to complete the form is

Using the information below, please complete a Form 940 for Titans' Sporting Goods for the current year. Additional information needed to complete the form is as follows:

October

FICA

Employee

Monthly Earnings

YTD Earnings

Social Security

Medicare

Federal Income Tax

Lillian Park

$2,850

$138,700

$176.70

$41.33

$534.00

William Long

3,460

39,700

214.52

50.17

422.00

Tom Waxman

3,700

43,850

229.40

53.65

534.00

$10,010

$222,250

$620.62

$145.15

$1,490.00

November

FICA

Employee

Monthly Earnings

YTD Earnings

Social Security

Medicare

Federal Income Tax

Lillian Park

$2,980

$141,680

$184.76

$43.21

$603.00

William Long

4,000

43,700

248.00

58.00

469.00

Tom Waxman

3,760

47,610

233.12

54.52

561.00

$10,740

$232,990

$665.88

$155.73

$1,633.00

December

FICA

Employee

Monthly Earnings

YTD Earnings

Social Security

Medicare

Federal Income Tax

Lillian Park

$4,200

$145,880

$69.44

$60.90

$868.00

William Long

3,860

47,560

239.32

55.97

478.00

Tom Waxman

4,420

52,030

274.04

64.09

706.00

$12,480

$245,470

$582.80

$180.96

$2,052.00

a.

State reporting number: 025-319-2

b.

No FUTA tax deposits were made for this year.

c.

Titans' three employees for the year all earned over $7,000.

(Assume that none of the FUTA wages paid were excluded from state unemployment tax and that no credit reduction applies.)

Using the information below, please complete a Form 940 for Titans' Sporting

Using the information below, please complete a Form 940 for Titans' Sporting Goods for the current year. Additional information needed to complete the form is as follows: View the employees' payroll information for October. View the employees' payroll information for November. View the employees' payroll information for December. View the blank Form 940. (If an input field is not used in the table leave the field empty; do not enter a zero. Round your calculations to the nearest cent as needed.) Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3 Total payments to all employees. 3 4 Payments exempt from FUTA tax. 4 Check all that apply: 4 a Fringe benefits 4c Retirement/Pension 4 ether 4b Group-term life insurance 4d Dependent care Using the information below, please complete a Form 940 for Titans' Sporting Goods for the current year. Additional information needed to complete the form is as follows: View the employees' payroll information for October. View the employees' payroll information for November. View the employees' payroll information for December. View the blank Form 940. (If an input field is not used in the table leave the field empty; do not enter a zero. Round your calculations to the nearest cent as needed.) Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3 Total payments to all employees. 3 4 Payments exempt from FUTA tax. 4 Check all that apply: 4 a Fringe benefits 4c Retirement/Pension 4 ether 4b Group-term life insurance 4d Dependent care

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!