Complete Form 940, Employer's Federal Unemployment (FUTA) Tax Return & Federal Deposit Information Worksheet, for Glo-Brite...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Complete Form 940, Employer's Federal Unemployment (FUTA) Tax Return & Federal Deposit Information Worksheet, for Glo-Brite Company. Also, complete the Federal Deposit Information Worksheet, using the blank form reproduced. a. Total wages for the first three quarters was $142,224.57. FUTA taxable wages for the first three quarters was $65,490.00. b. FUTA tax liability by quarter: 1st quarter-$204.53, 2nd quarter-$105.25, 3rd quarter-$83.16. The first FUTA deposit is now due. Figure 5.2 If an input box does not require an entry, leave it blank. When required, round amounts to the nearest cent. Click here to access the Wage-Bracket Method Tables. Form 940 for 20--: Employer identification number (EIN) Name (not your trade name) GLO-BRITE PAINT COMPANY Trade name (if any) Employer's Annual Federal Unemployment (FUTA) Tax Return Department of the Treasury Internal Revenue Service Address 2215 SALVADOR STREET Number Street 0 0 0 0 0 0 6 6 0 Sulte or room number Type of Return (Select one.) OMB No. 1545-0028 Go to www.irs.gov/Form940 for instructions and the latest information. Address 2215 SALVADOR STREET Number PHILADELPHIA City Street Foreign country name PA Select: State Foreign province/county Sulte or room number 19175-0682 5 Total of payments made to each employee in excess of $7,000. ZIP code Read the separate instructions before you complete this form. Please type or print within the boxes. Part 1: Tell us about your return. If any line does NOT apply, leave it blank. See instructions before completing Part 1. 1a If you had to pay state unemployment tax in one state only, enter the state abbreviation. 1b If you had to pay state unemployment tax in more than one state, you are a multi-state employer... 1b Foreign postal code 2 If you paid wages in a state that is subject to CREDIT REDUCTION Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3 Total payments to all employees. 4 Payments exempt from FUTA tax. 4 5 1a P 2 A Check here. Complete Schedule A (Form 940). Check here. Complete Schedule A (Form 940). 3 5 Total of payments made to each employee in excess of $7,000. 6 Subtotal (line 4+ line 5= line 6).. 7 Total taxable FUTA wages (line 3 - line 6= line 7). See instructions. 8 FUTA tax before adjustments (line 7 x 0.006 = line 8).. Part 3: Determine your adjustments. If any line does NOT apply, leave it blank. 9 If ALL of the taxable FUTA wages you paid were excluded from state unemployment tax, multiply line 7 by 0.054 (line 7 x 0.054 = line 9). Go to line 12.... 5 10 If SOME of the taxable FUTA wages you paid were excluded from state unemployment tax, OR you paid ANY state unemployment tax late (after the due date for filing Form 940), complete the worksheet in the instructions. Enter the amount from line 7 of the worksheet . . . . . 11 If credit reduction applies, enter the total from Schedule A (Form 940).. Part 4: Determine your FUTA tax and balance due or overpayment. If any line does NOT apply, leave it blank. 12 Total FUTA tax after adjustments (lines 8 + 9 + 10 + 11 = line 12). 13 FUTA tax deposited for the year, including any overpayment applied from a prior year 14 Balance due. If line 12 is more than line 13, enter the excess on line 14. • If line 14 is more than $500, you must deposit your tax. • If line 14 is $500 or less, you may pay with this return. See instructions. 15 Overpayment. If line 13 is more than line 12, enter the excess on line 15 and check a box below. ►You MUST complete both pages of this form and SIGN it. Check one: 9 10 12 13 □ Apply to next return. 7 8 11 14 15 WOOR □ Send a refund. Next → Name (not your trade name) GLO-BRITE PAINT COMPANY Part 7: Part 5: Report your FUTA tax liability by quarter only if line 12 is more than $500. If not, go to Part 6. 16 Report the amount of your FUTA tax liability for each quarter; do NOT enter the amount you deposited. If you had no liability for a quarter, leave the line blank. 16a 1st quarter (January 1 - March 31). . 16b 2nd quarter (April 1 - June 30). 16c 3rd quarter (July 1 - September 30). 16d 4th quarter (October 1 - December 31). 17 Total tax liability for the year (lines 16a + 16b + 16c + 16d = line 17) Part 6: May we speak with your third-party designee? Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS? See the instructions for details. Check My Work 16a Sign here. You MUST complete both pages of this form and SIGN it. 16b 16c 16d Employer identification number (EIN) 17 Designee's name and phone number Select a 5-digit Personal Identification Number (PIN) to use when talking to IRS 00-0000660 Total must equal line 12. Complete Form 940, Employer's Federal Unemployment (FUTA) Tax Return & Federal Deposit Information Worksheet, for Glo-Brite Company. Also, complete the Federal Deposit Information Worksheet, using the blank form reproduced. a. Total wages for the first three quarters was $142,224.57. FUTA taxable wages for the first three quarters was $65,490.00. b. FUTA tax liability by quarter: 1st quarter-$204.53, 2nd quarter-$105.25, 3rd quarter-$83.16. The first FUTA deposit is now due. Figure 5.2 If an input box does not require an entry, leave it blank. When required, round amounts to the nearest cent. Click here to access the Wage-Bracket Method Tables. Form 940 for 20--: Employer identification number (EIN) Name (not your trade name) GLO-BRITE PAINT COMPANY Trade name (if any) Employer's Annual Federal Unemployment (FUTA) Tax Return Department of the Treasury Internal Revenue Service Address 2215 SALVADOR STREET Number Street 0 0 0 0 0 0 6 6 0 Sulte or room number Type of Return (Select one.) OMB No. 1545-0028 Go to www.irs.gov/Form940 for instructions and the latest information. Address 2215 SALVADOR STREET Number PHILADELPHIA City Street Foreign country name PA Select: State Foreign province/county Sulte or room number 19175-0682 5 Total of payments made to each employee in excess of $7,000. ZIP code Read the separate instructions before you complete this form. Please type or print within the boxes. Part 1: Tell us about your return. If any line does NOT apply, leave it blank. See instructions before completing Part 1. 1a If you had to pay state unemployment tax in one state only, enter the state abbreviation. 1b If you had to pay state unemployment tax in more than one state, you are a multi-state employer... 1b Foreign postal code 2 If you paid wages in a state that is subject to CREDIT REDUCTION Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3 Total payments to all employees. 4 Payments exempt from FUTA tax. 4 5 1a P 2 A Check here. Complete Schedule A (Form 940). Check here. Complete Schedule A (Form 940). 3 5 Total of payments made to each employee in excess of $7,000. 6 Subtotal (line 4+ line 5= line 6).. 7 Total taxable FUTA wages (line 3 - line 6= line 7). See instructions. 8 FUTA tax before adjustments (line 7 x 0.006 = line 8).. Part 3: Determine your adjustments. If any line does NOT apply, leave it blank. 9 If ALL of the taxable FUTA wages you paid were excluded from state unemployment tax, multiply line 7 by 0.054 (line 7 x 0.054 = line 9). Go to line 12.... 5 10 If SOME of the taxable FUTA wages you paid were excluded from state unemployment tax, OR you paid ANY state unemployment tax late (after the due date for filing Form 940), complete the worksheet in the instructions. Enter the amount from line 7 of the worksheet . . . . . 11 If credit reduction applies, enter the total from Schedule A (Form 940).. Part 4: Determine your FUTA tax and balance due or overpayment. If any line does NOT apply, leave it blank. 12 Total FUTA tax after adjustments (lines 8 + 9 + 10 + 11 = line 12). 13 FUTA tax deposited for the year, including any overpayment applied from a prior year 14 Balance due. If line 12 is more than line 13, enter the excess on line 14. • If line 14 is more than $500, you must deposit your tax. • If line 14 is $500 or less, you may pay with this return. See instructions. 15 Overpayment. If line 13 is more than line 12, enter the excess on line 15 and check a box below. ►You MUST complete both pages of this form and SIGN it. Check one: 9 10 12 13 □ Apply to next return. 7 8 11 14 15 WOOR □ Send a refund. Next → Name (not your trade name) GLO-BRITE PAINT COMPANY Part 7: Part 5: Report your FUTA tax liability by quarter only if line 12 is more than $500. If not, go to Part 6. 16 Report the amount of your FUTA tax liability for each quarter; do NOT enter the amount you deposited. If you had no liability for a quarter, leave the line blank. 16a 1st quarter (January 1 - March 31). . 16b 2nd quarter (April 1 - June 30). 16c 3rd quarter (July 1 - September 30). 16d 4th quarter (October 1 - December 31). 17 Total tax liability for the year (lines 16a + 16b + 16c + 16d = line 17) Part 6: May we speak with your third-party designee? Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS? See the instructions for details. Check My Work 16a Sign here. You MUST complete both pages of this form and SIGN it. 16b 16c 16d Employer identification number (EIN) 17 Designee's name and phone number Select a 5-digit Personal Identification Number (PIN) to use when talking to IRS 00-0000660 Total must equal line 12.
Expert Answer:
Answer rating: 100% (QA)
Here are the steps to complete Form 940 and the Federal Deposit Information Worksheet for GloBrite C... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Wage Bracket Method Tables for Income Tax Withholding - 2019 Lisa Is single and clalms one allowance. Assume that her employer uses wage bracket tables method. Use withholding allowance, wage bracket...
-
Employer B has a FUTA tax liability of $553.24 on January 31 of the current year. When does the employer have to make the deposit for this liability?
-
Employer A has a FUTA tax liability of $67.49 on March 31 of the current year. When does the employer have to make the deposit for this liability?
-
Is the answer correct? The graph of a y = f(x) is shown. 6 + 5 14 m ~ 1 -6 -5 -4 -3 2 -1 -1 -2 -3 A w -4 -5- -6+ 1 2 3 4 The domain of f(x) is x = [-3,3] The domain of g(x) = notation) S 6 f(x) is a ...
-
Youre planning customer support services for Sonics new smart phone product. Review what you know about your target market and its needs; also think about what Sonics competitors are offering. Then...
-
An animal breeder had a herd of sheep with a mean weight of 254 pounds at 3 years of age. He chose animals with mean weights of 281 pounds as parents for the next generation. When these offspring...
-
Recognition of Service Contract Revenue} Zac Murphy is president of Blooming Colours Inc., which provides landscaping services in Leamington, Ontario. On November 20, 2018, Murphy signed a service...
-
Eagle Company makes the MusicFinder, a sophisticated satellite radio. Eagle has experienced a steady growth in sales for the past five years. However, Ms. Luray, Eagles CEO, believes that to maintain...
-
Which one of the following would be a taxable benefit? ( See CRA's Folio S 2 - F 3 - C 2 : Benefits and Allowances Received from Employment, and Guide T 4 1 3 0 , Employers' Guide - Taxable Benefits...
-
You have recently been hired by Keafer Manufacturing to work in its newly established treasury department. Keafer Manufacturing is a small company that produces highly customized cardboard boxes in a...
-
i need it to do my essay under this directions on the bottom I already did some : Directions Here, you will find the reading "Junking Junk Food"Links to an external site. by Judith Warner The stor
-
HL Company employs standard absorption system for product costing. The standard cost of this product is as follows: Raw Materials - P14.50; Direct labor for 2 hours @ P8/hr is P16; Manufacturing...
-
1.Company XYZ is considering investing in a new machine that will cost $15,000. The machine will allow the firm to generate sales of $50,000 per year. The machine has a useful life of three years....
-
list the indices of all planes that belong to the {120} family in a tetragonal crystal with lattice parameters a = b + c and a = = y = 90 (10%)
-
For the annual thermal wave, what are the soil damping depth and thermal diffusivity if the wave amplitude is 9.5C at 0.5 m and 7.5C at 1.0 m.
-
A manufacturing company submits the following information on 31.03.2013. Particulars Rs. Sales for the year 275,000 Inventories as on 1.4.2012 Materials 3,000 WIP 4,000 FG 8,000 Raw materials...
-
Verify that the equation is an identity.tana + 1/(sec ?)= sec ?To verify the identity, start with the more complicated side and transform it to look like the other side. Choose the correct...
-
From the choice of simple moving average, exponential smoothing, and linear regression analysis, which forecasting technique would you consider the most accurate? Why? please write it in word...
-
Hunter Sobitson, a waiter at the Twentieth Hole restaurant, worked 43 hours this week and collected over $650 in tips. The restaurant uses the full tip credit against the minimum wage and pays...
-
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Amount to Be Withheld Marital Status No. of...
-
Sean Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer...
-
Calculate profitability and asset management ratios using sales and receivables data.} - Because sales revenue is such a key component of a company's success, analysts are interested in a large...
-
When is revenue generally considered earned?LO6
-
Explain the criteria for revenue recognition.LO3
Study smarter with the SolutionInn App