Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Since the SUTA rates changes are made at the end of each year, the available 2021 rates were used for FUTA and SUTA. Note:

image text in transcribedimage text in transcribedimage text in transcribed

Since the SUTA rates changes are made at the end of each year, the available 2021 rates were used for FUTA and SUTA. Note: Since the 2021 Form 940 and Schedule A were not available at print date, the 2020 version is used. The net FUTA tax 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 940 and Schedule A. Use the following information to complete Form 940 and Schedule A. The net FUTA tax liability for each quarter of 20-- was as follows: 1st, $217.40; 2nd, $106.50; 3rd, $97.70; and 4th, $51.26 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--: California Arizona $100,220 Total 17,560 $117,780 c. Employer contributions in California into employees' 401(k) retirement plan: $3,530. d. Payments made to employees in excess of $7,000: $35,440 ($10,560 from Arizona and $24,880 from California). e. Form is to be signed by Mickey Vixon, Vice President, and dated 1/31/--. f. Phone number-(219) 555-8310. If an input box does not require an entry, leave it blank. In each step of the computation, round amount to nearest cent then use that value in subsequent computations. Round final answer to the nearest cent.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Governmental and Nonprofit Accounting

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

10th edition

132751267, 978-0132751261

More Books

Students also viewed these Accounting questions

Question

Describe four technical features of Darwins theory of evolution.

Answered: 1 week ago