Assume the following data for Jay's Cutlery for the quarter ended March 31, 2020: Employee FICA tax Federal Income tax $16500 40000 State Income tax Employer FICA tax 4900 16500 Federal unemployment tax 710 State unemployment tax 7500 Appropriate monthly deposits of taxes for first quarter 74500 Form 941 for the first quarter would show $1500 balance due. $1500 overpaid. O $17290 balance due. O $17290 overpaid. Assume the following data for Jay's Cutlery for the quarter ended March 31, 2020: Employee FICA tax Federal Income tax $15800 40000 State Income tax Employer FICA tax 4400 15800 Federal unemployment tax 840 State unemployment tax 7670 Appropriate monthly deposits of Taxes for first quarter 68000 Form 941 for the first quarter would show O $11360 balance due. $3600 overpaid. O $11360 overpaid. $3600 balance due