On January 31, Giovanni Accountancy Corp. prepared its Employer's Annual Federal Unemploy ment Tax Return, Form 940.

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On January 31, Giovanni Accountancy Corp. prepared its Employer's Annual Federal Unemploy ment Tax Return, Form 940. During the previous year, the business paid total wages of $462,150 to its nineteen employees. Of this amount, $150,000 was subject to FUTA tax. Using a rate of 0.6 per cent, determine the FUTA tax owed and the balance due on January 31, 2016, when Form 940 was filed. A deposit of $800 was made during the year.


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College Accounting A Contemporary Approach

ISBN: 978-0077639730

3rd edition

Authors: David Haddock, John Price, Michael Farina

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