Jack's Lawn Service Company has the following information related to its current year payroll as of December 31: Federal Unemployment Tax Payable as of December 31, $336.00 FUTA taxable earnings limit of $7,000, rate 0.6 percent (0.006) First-quarter FUTA taxable liability, $504.00, paid April 30 Second-quarter FUTA taxable liability, $168.00 (liability under $500, no payment made) Third-quarter FUTA taxable liability, $112.00 (total liability under $500, no payment made) Fourth-quarter FUTA taxable liability, $56.00 (payment to be made January of the following year) FUTA taxable earnings for the year, $140,000 Total Lawn Care Wages, $310,000 Jack's Lawn Service Company EIN, 75-1209347 No exempt FUTA payments Address: 1515 W. Main Street, Rice, TX 75155 Required: Prepare Form 940 and the corresponding 940-V payment voucher for the year.
Jack's Lawn Service Company has the following information related to its current year payroll as of December 31: Federal Unemployment Tax Payable as of December 31, $336.00 FUTA taxable earnings limit of $7,000, rate 0.6 percent (0.006) First-quarter FUTA taxable liability, $504.00, paid April 30 Second-quarter FUTA taxable liability, $168.00 (liability under $500, no payment made) Third-quarter FUTA taxable liability, $112.00 (total liability under $500, no payment made) Fourth-quarter FUTA taxable liability, $56.00 (payment to be made January of the following year) FUTA taxable earnings for the year, $140,000 Total Lawn Care Wages, $310,000 Jack's Lawn Service Company EIN, 75-1209347 No exempt FUTA payments Address: 1515 W. Main Street, Rice, TX 75155 Required: Prepare Form 940 and the corresponding 940-V payment voucher for the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Jack's Lawn Service Company has the following information related to its current year payroll as of December 31:
- Federal
Unemployment Tax Payable as of December 31, $336.00 - FUTA taxable earnings limit of $7,000, rate 0.6 percent (0.006)
- First-quarter FUTA taxable liability, $504.00, paid April 30
- Second-quarter FUTA taxable liability, $168.00 (liability under $500, no payment made)
- Third-quarter FUTA taxable liability, $112.00 (total liability under $500, no payment made)
- Fourth-quarter FUTA taxable liability, $56.00 (payment to be made January of the following year)
- FUTA taxable earnings for the year, $140,000
- Total Lawn Care Wages, $310,000
- Jack's Lawn Service Company EIN, 75-1209347
- No exempt FUTA payments
- Address: 1515 W. Main Street, Rice, TX 75155
Required:
Prepare Form 940 and the corresponding 940-V payment voucher for the year.
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