Need help filling the lines out confused on the numbers and how to fill it out correctly.
PSc 6-5 Complete Form 940 Complete Form 940 for Computer Repair (employer identification #66-6666666). Assume that Computer Repair (located at 9687 Turner Lane, Phoenix, AZ 85202) chooses to complete and mail Form 940 on the due date. Note that Computer Repair only pays SUTA tax in Arizona. The form is signed by the CEO of the company, Darren Hensley (telephone #202-555-5555). The company elects to delay remitting FUTA tax until it is required to do so. Total employee compensation for the year was $524,940, and total charitable contributions totaled $21,250. All earnings subject to FUTA tax are also subject to SUTA tax. Computer Repair allows its accountant (Joshua Martin, telephone #202-555-5543, Pin #87554) to discuss the form with the IRS. Three employees of Computer Repair earned more than $7,000 that was subject to FUTA tax (each exceeded this threshold in the 1st quarter), while a fourth employee hired during the 4th quarter earned only $2,700 that was subject to FUTA tax. Notes: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Form 940 for ZOXX: Employer's Annual Federal Unemployment (FUTA) Tax Return 55\" 1'13 Department of the Treasury Internal Revenue Service OMB No. 1545-0028 Employer identication number 6 5 _ 5 6 6 6 5 (EIN) Name (not your trade name) Computer Repair Trade name (if any) Address 9687 Turner Lane Number Street Suite or room number Phoenix AZ 85202 City State ZIP code Type of Return (Check all that apply.) [:I a. Amended [:l b. Successor employer [:l c. No payments to employees in ZOXX d. Final: Business closed or stopped paying wages Instructions and prior-year forms are available at wwwirs.gov/form940. Foreign country name Foreign provincer'oounty Foreign postal code 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 2 employer If you paid wages in a state that is subject to CREDIT REDUCTICN 1a A zZ Check here 1b D Complete Schedule A (Form 940). 2 D Check here. Complete Schedule A (Form 940). Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. Total payments to all employees 4 21,250 . Payments exempt from FUTA tax Check all that apply: 4a D Fringe benefits 4b E] Group-term life insurance 4d E] Dependent care 4c D Retirement/Pension de E 524,940 . Other 5 Total of payments made to each employee in excess of 5 $7,000 ' 6 Subtotal (line 4 + line 5 = line 6) 6 . 7 Total taxable FUTA wages (line 3 line 6 = line 7). See instructions 7 " 8 FUTA tax before adjustments (line 7 x 0.006 = line 8) 8 . Determine your adjustments. If any line does NOT apply, leave it blank. g 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 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 If credit reduction applies, enter the total from Schedule A (Form 940) 1" . Determine your FUTA tax and balance due or overpayment. If any line does NOT apply, leave it blank. 12 TotalFUTAtaxafteradjus'lmen'ts(linesB+9+10+11=line12}. . . . . . . . . 12 ' 13 FUTA tax deposited for the year, including any overpayment applied from a prior year . . . 13 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 . . . . . . . 14 ' 15 Overpayment If line 13 is more than line 12, enter the excess on line 15 and check a box below. 15 b You MUST complete both pages of this form and SIGN it. Check one: D Apply to next return. |:| Send a refund. For Privacy Act and Papennrork Reduction Act Notice, see the back of the Payment Voucher. Cat. No. 112340 Form 940 (20:00 Name (not your trade name) Employer identification number (EIN) 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 16b 2nd quarter (April 1 - June 30) 16b 16c 3rd quarter (July 1 - September 30) . 16c 16d 4th quarter (October 1 - December 31) 16d 17 Total tax liability for the year (lines 16a + 16b + 16c + 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 IRS? See the instructions for details. Yes. Designee's name and phone number Select a 5-digit Personal Identification Number (PIN) to use when talking to IRS. No
