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Assume the following data for Quality Care Dry Cleaning for the year ended December 31. Gross earnings $355,600.00 All employees' salaries are greater than
Assume the following data for Quality Care Dry Cleaning for the year ended December 31. Gross earnings $355,600.00 All employees' salaries are greater than $7,000 in the first quarter of employment Number of employees at the beginning of the year: 10 One new employee hired during fourth quarter (assume ermployee earns $7,800 before December 31) FUTA deposits for the year: $420.00 Determine the armounts entered on Form 940 for the following line items. Line 3: Total payments to all ernployees Line 4: Payments exempt from FUTA tax 2$ Line 5: Total of payments made to each employee in excess of $7,000 24 Line 7: Total taxable FUTA wages 2$ Line 8: FUTA tax before adjustments $ Line 13: FUTA tax deposited for the year, including any overpayment applied from a prior 2$ year Line 14: Balance due $ Line 15: Overpayment 2$ Line 16a: 1st quarter 2$ Line 16b: 2nd quarter 2$ Line 16c: 3rd quarter Line 16d: 4th quarter 24 Line 17: Total tax liability for the year $
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