eBook Show Me How Calculator Figure 5.2, Figure 5.3 and Figure 5.4 Since the SUTA rates changes are made at the end of each year, the available 2019 rates were used for FUTA and SUTA Notes Since the 2019 Form 940 and Schedule A were not available at print date, the 2018 version is used. The net TUTA rate of 0.6% is used in the text. As the accountant for Runson Moving Company, you are preparing the company's annual return, Form 900 and Schedule A. Use the following information to complete Form 940 ane Schedule The net FUTA tax liability for each quarter of 20 - was as follows: Ist, $220.10; 2nd, $107.60: 3rd, $101.00; and 4th, $56, 10 plus the credit reduction Since the net FUTA tax liability did not exceed $500 until the 4th quarter, the company was required to make its first deposit of FUTA taxes on January 31 of the next year. Assume that the electronic payment was made on time a. One of the employees performs all of his duties in another state-Arizona b. Total payments made to employees during calendar year 20 Calfornia $102,310 Aruna 18.490 Total $120.000 Employer contributions in California into employees' 401(K) retirement plan: $3,500 d. Payments made to employees in excess of $7,000: $36,500 ($11.490 from Arzona and $25,010 from Caldomia) e. Form is to be signed by Mickey Vion, Vice President, and dated 1/31/ 1. Phone number (219) 555-8310 If an input box does not require an entry, leave it blank. When required, round amounts to the nearest cent. Use rounded answers for subsequent computations. Employer's Annual Federal Unemployment (FUTA) Tax Return Check My Work Employer's Annual Federal Unemployment (FUTA) Tax Return For 940 for 20-- Department of the Treasury - Internal Revenue Service OMB No. 1545-0025 Employer identification number (EIN) 0 0 0 0 0 3 7 9 Type of Return (Select one.) Name (not your trade name) RUNSON MOVING COMPANY Trade name (if any) Address 423 BRISTOL PIKE fructies and Amended Successor employer No payments to employees in 20 Final: Business closed or stopped paying wages Number wie orro SACRAMENTO CA 94203 4 None of these City ZIP code Foreign country name Foreign province/county Foreign postal code Read the separate instructions before you fill out 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. la If you had to pay state unemployment tax in one state only, enter the state abbreviation ........... la 0 0 V Check here 1b If you had to pay state unemployment tax in more than one state, you are a multi-state employer... 1b Complete Schedule A (form 040), V Check here ? If you paid wages in a state that is subject to CREDIT REDUCTION 2 Complete Schedule Alm 91 3 4 6 7 8 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 Select: 5 Total of payments made to each employee in excess of $7,000 5 6 Subtotal (line 1 + 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 10 16 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), fill out 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 9 10 11 12 13 14 15 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 Check one: Apply to next return. a Send a refund. Next - For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment voucher. Cat No. 112340 Form 940 (2018) Name (not your trade name) Employer identification number (EIN) RUNSON MOVING COMPANY 00-0003793 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) 166 2nd quarter (April 1 - June 30)... 166 3rd quarter (July 1 September 30) 166 160 4th quarter (October 1 - December 31) 16d 17 Total tax liability for the year (lines 160 165 166 16d line 17) 17 Total must equal line 12 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 TRS? See the instructions for details. Designee's name and phone number Salert att Dercanal Treatin New IPIN te when tallinn IDS Schedule A (Form 940) for 20--: Multi-State Employer and Credit Reduction Information Department of the Treasury -- Internal Revenue Service OMB No. 1545-0028 See the instructions on page 2 File this schedule with Form 940 Employer identification number (EIN) 0-00 29 ) Name (not your trade name) Runson Moving Company Place an "X" in the box of EVERY state in which you had to pay state unemployment tax this year. For each state with a credit reduction rate greater than zero, enter the FUTA taxable wages, multiply by the reduction rate, and enter the credit reduction amount. Don't include in the FUTA Taxable Wages box wages that were excluded from state unemployment tax (see the instructions for Step 2). If any states don't apply to you, leave them blank. Postal FUTA Reduction Postal FUTA Reduction Abbreviation Credit Reduction Credit Reduction Taxable Wages Rate Abbreviation Taxable Wages Rate x 0.000 NC x 0.000 AL x 0.000 O ND 0.000 DAR * 0.000 UNE x 0.000 SAZ x 0.000 x 0.000 8 CA x 0.000 ON x 0.000 x 0.000 DNM x 0.000 x 0.000 NV x 0.000 Check My Work ebook Show Me How 0000 x IND 0.000 0.000 DC ON 0.000 DE 0.000 DOH * 0.000 0.000 OOK