Ace Computers has 6 employees and operates in Michigan. The Form 940 for the year contains the following information: 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 Check all that apply. 5 6 Total of payments made to each employee in excess of $7,000 Subtotal (line 4+ line 5= line 6) What amount should be entered on line 6? O $26,509.50 O $68,509.50 O $192.869.55 O $95.019.00 4a. Fringe benefits 4b. Group-term life insurance 4c. Retirement/Pension 4d. Dependent care 4 5 68,500.50 4e. Other 26,509.50 3 6 192,869.55

Ace Computers has 6 employees and operates in Michigan. The Form 940 for the year contains the following information: 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 Check all that apply. 5 6 Total of payments made to each employee in excess of $7,000 Subtotal (line 4+ line 5= line 6) What amount should be entered on line 6? O $26,509.50 O $68,509.50 O $192.869.55 O $95.019.00 4a. Fringe benefits 4b. Group-term life insurance 4c. Retirement/Pension 4d. Dependent care 4 5 68,500.50 4e. Other 26,509.50 3 6 192,869.55

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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