Answer to sextion 1 and 2

Assume all taxes had been deposited in full and on time prior to form 940 completion. Total payments to employees for the year =$913,590. Payments to employees in excess of $7,000:$421,930 FUTA taxable earnings per quarter: 1st Quarter: $244,000 2nd Quarter: $184,710 3rd Quarter: $54,000 4th Quarter: $8,950 Instructions: Download the Form 940 below. Then complete part 2, part 4, and part 5. Parts 1,3,6-7 are not graded; you do not need to complete them. 3 Total payments to all employees 4 Payments exempt from FUTA tax Check all that apply: 4a Fringe benalits 4b - Group-term life insurance. 5. Total of payments made to each employee in excess of - $7,000 5 6. Subtetal (ine 4+ line 5 = line b) 6 7 Total tamable FUTA wages (ine 3line6= ine 7). See instructions 7 8. FUTA tax betore adjustments (ine 70.000w line 8) (1) 12. Total FUTA tax after adjustments (lines 8+9+10+11= line 12) 12 13. FUTA tax deposited for the year, including any overpayment applied from a prior year 14 Balance due. Ifline 12 is more than line 13, enter the excess on line 14. 13 - If line 14 is more than $500, you hust doposit your tax, - If line 14 is $500 or less, you may pay with this return. Soe inatructions 14 15 Overpayment, If ine 13 is more than line 12, enter the excess on ine 15 and check a box below 15 You MUST complote both pages of this form and siGN it. Check one: Apply to naxt retum. Send a refund. For Privacy Act and Papenwork Aeduction Act Notice, see the back of the Payment Voucher. 16. Report the amount of your FUTA tax liablity for each quarter do NOT enter the amount you deposited. If you had no lability for a quarter, leave the line blank; 16a 1st quarter (January 1-Muech 31). 163 16b 2nd quarter (April 1-June 30) 166 160 ard quarter (July 1 - September 30) 16a 16d 4th quarter (October 1 - December 31) 16d 17 Total tax liability for the year 0 ines 16a+16b+16c+16d= ine 17)17 Total must equat line 12