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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 on pages 5-36 to 5-38.

The net FUTA tax liability for each quarter of 2013 was as follows: 1st, $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, the company was not required to make its first deposit of FUTA taxes until January 31, 2014. 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 2013:

c. Employer contributions in California into employees' 401(k) retirement plan: $3,500.

d. Payments made to employees in excess of $7,000: $36,500.

e. Form is to be signed by Mickey Vixon, Vice President.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9950410

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