Question
Complete Form 940 for KYG Corp. (employer identification #55-5555555). Assume that KYG Corp. (located at 81519 Duke Lane, Dayton, OH 45377) chooses to complete and
"Complete Form 940 for KYG Corp. (employer identification #55-5555555). Assume that KYG Corp. (located at 81519 Duke Lane, Dayton, OH 45377) chooses to complete and mail Form 940 on the due date. Note that KYG Corp. only pays SUTA tax in Ohio. The form is signed by the president of the company, Marcelo Coleman (telephone #937-555-8825). The company elects to delay remitting FUTA tax until it is required to do so. Total employee compensation for the year was $751,000, and total group-term life insurance contributions totaled $24,200. All earnings subject to FUTA tax are also subject to SUTA tax. KYG Corp. allows its accountant (Steve Kimmel, telephone #937-555-0040, Pin #76134) to discuss the form with the IRS. Note that nine employees of KYG Corp. earned more than $7,000 that was subject to FUTA tax (each exceeded this threshold in the 1st quarter), while a tenth employee hired during the 4th quarter earned only $5,700 that was subject to FUTA tax."
What is total payments made to each employee in access of 7,000?
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