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.

I am just wondering if this is correct or do I need to incorporate the 5,700 from employee #10 somewhere?

Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3 751,000.00 4 40 3 Total payments to all employees 4 Payments exempt from FUTA tax Check all that apply: 4a Fringe benefits 4b Group-term life insurance 5 Total of payments made to each employee in excess of $7,000 24,200.00 Retirement/Pension 4e Dependent care Other 4d 5 663,800. 6 Subtotal (line 4 + line 5 = line 6) 6 688,000. 7 Total taxable FUTA wages (line 3 - line 6 = line 7). See instructions 7 63,000. 8 FUTA tax before adjustments (line 7 x 0.006 = line 8) 8 378. 9 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 0.054 = line 9). Go to line 12 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. 10 11 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. 378. 12 Total FUTA tax after adjustments (lines 8 + 9 + 10 + 11 = line 12). 12 0. 13 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: 14 378. 15 Apply to next return. Send a refund For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher. Next Form 940 (20XX Cat. No. 112340 850212 Name (not your trade name) Employer identification number (EIN) KYG Corp. 55-5555555 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 fora quarter, leave the line blank. 16a 1st quarter (January 1 - March 31) 16a 166 2nd quarter (Anril1_une 20 Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3 751,000.00 4 40 3 Total payments to all employees 4 Payments exempt from FUTA tax Check all that apply: 4a Fringe benefits 4b Group-term life insurance 5 Total of payments made to each employee in excess of $7,000 24,200.00 Retirement/Pension 4e Dependent care Other 4d 5 663,800. 6 Subtotal (line 4 + line 5 = line 6) 6 688,000. 7 Total taxable FUTA wages (line 3 - line 6 = line 7). See instructions 7 63,000. 8 FUTA tax before adjustments (line 7 x 0.006 = line 8) 8 378. 9 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 0.054 = line 9). Go to line 12 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. 10 11 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. 378. 12 Total FUTA tax after adjustments (lines 8 + 9 + 10 + 11 = line 12). 12 0. 13 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: 14 378. 15 Apply to next return. Send a refund For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher. Next Form 940 (20XX Cat. No. 112340 850212 Name (not your trade name) Employer identification number (EIN) KYG Corp. 55-5555555 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 fora quarter, leave the line blank. 16a 1st quarter (January 1 - March 31) 16a 166 2nd quarter (Anril1_une 20