As the accountant for Runson Moving Company, you are preparing the companys annual return, Form 940 and

Question:

As 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 on pages 5-40 to 5-42.

Form 940 for 20-: Employer's Annual Federal Unemployment (FUTA) Tax Return Departhent of the Treasury - Internal Revenue

Name not your trade name) Employer identfication number (EIN) RUNSON MOVING COMPANY 00-0003793 Part 5: Report your FUTA

The net FUTA tax liability for each quarter of 2018 was as follows: 1st, $220.10; 2nd, $107.60; 3rd, $101.00; and 4th, $56.10 plus the credit reduction.
Since the net FUTA tax liability did not exceed $500 until the 4th quarter, the company was required to make its first deposit of FUTA taxes on January 31, 2019. 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 2018:
California.................................... $102,310
Arizona.......................................     18,490
Total........................................... $120,800
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.
f. Phone number—(219) 555-8310.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Payroll Accounting 2018

ISBN: 978-1337291040

28th edition

Authors: Bernard J. Bieg, Judith Toland

Question Posted: