I know this looks a bit lengthy but I could really use some fast help on this (also not sure if my answers in the beginning are right btw).
a. Complete Part 2 of Form 940 based on the following information: (Round your answers to two decimal places, if necessary.) $913,590 Total payroll for the year Payroll to employees in excess of $7,000 Employer contributions into employees' 401(k) plans $421,930 $23,710 Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. Total payments to all employees 3 913,590 Payments exempt from FUTA tax 4 23,710 Select: Total of payments made to each employee in excess of $7,000 5 421,930 Subtotal (line 4 + line 5 = line 6) 445,640 7 Total taxable FUTA wages (line 3 - line 6 = line 7) 467,950 8 FUTA tax before adjustments (line 7 x.006 = line 8) 2,807.7 b. If the employer is located in California, which has a credit reduction of 2.1%, what would be the amount of the credit reduction? c. Complete Part 5 of Form 940 for the California employer given the breakdown of FUTA taxable wages for the year to be: $237,000 1st quarter 2nd quarter 3rd quarter $168,000 $54,000 $8,950 $467,950 4th quarter Yearly Total The employer paid their SUTA on-time. Round your answers to two decimal places, if necessary. The employer paid their SUTA on-time. Round your answers to two decimal places, if necessary. Part 5: 16 Report your FUTA tax liability by quarter only if line 12 is more than $500. If not, go to Part 6. 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) 16a 16b 2nd quarter (April 1 - June 30) 16b 16c 3rd quarter (July 1 - September 30) 16d 4th quarter (October 1 - December 31) 160 Total tax liability for the year (lines 16a + 16b + 16c + 16d = line 17) 17 Total must equal line 12. 160 17 a. Complete Part 2 of Form 940 based on the following information: (Round your answers to two decimal places, if necessary.) $913,590 Total payroll for the year Payroll to employees in excess of $7,000 Employer contributions into employees' 401(k) plans $421,930 $23,710 Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. Total payments to all employees 3 913,590 Payments exempt from FUTA tax 4 23,710 Select: Total of payments made to each employee in excess of $7,000 5 421,930 Subtotal (line 4 + line 5 = line 6) 445,640 7 Total taxable FUTA wages (line 3 - line 6 = line 7) 467,950 8 FUTA tax before adjustments (line 7 x.006 = line 8) 2,807.7 b. If the employer is located in California, which has a credit reduction of 2.1%, what would be the amount of the credit reduction? c. Complete Part 5 of Form 940 for the California employer given the breakdown of FUTA taxable wages for the year to be: $237,000 1st quarter 2nd quarter 3rd quarter $168,000 $54,000 $8,950 $467,950 4th quarter Yearly Total The employer paid their SUTA on-time. Round your answers to two decimal places, if necessary. The employer paid their SUTA on-time. Round your answers to two decimal places, if necessary. Part 5: 16 Report your FUTA tax liability by quarter only if line 12 is more than $500. If not, go to Part 6. 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) 16a 16b 2nd quarter (April 1 - June 30) 16b 16c 3rd quarter (July 1 - September 30) 16d 4th quarter (October 1 - December 31) 160 Total tax liability for the year (lines 16a + 16b + 16c + 16d = line 17) 17 Total must equal line 12. 160 17
