Question: Using the tax form below as guidance, complete lines 3-8 of the 940. Total employee compensation for the year was $524,940, and total dependent care
Using the tax form below as guidance, complete lines 3-8 of the 940. Total employee compensation for the year was $524,940, and total dependent care contributions totaled $21,250. All earnings subject to FUTA tax are also subject to SUTA tax. Three employees earned more than $7,000 that was subject to FUTA tax (each exceeded this threshold in the 1st quarter), while a fourth employee hired during the 4th quarter earned only $2,200 that was subject to FUTA tax. Use this form as guidance only, and enter your answers as numbered lines (3, 4, 5, etc.) Using the tax form below as guidance, complete lines 3-8 of the 940. Total employee compensation for the year was $524,940, and total dependent care contributions totaled $21,250. All earnings subject to FUTA tax are also subject to SUTA tax. Three employees earned more than $7,000 that was subject to FUTA tax (each exceeded this threshold in the 1st quarter), while a fourth employee hired during the 4th quarter earned only $2,200 that was subject to FUTA tax. Use this form as guidance only, and enter your answers as numbered lines (3, 4, 5, etc.)
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