On January 31, AC Baking Company prepared its Employer's Annual Federal Unemployment Tax Return, Form 940. During the previous year, the business paid total wages of $443,664 to its 14 employees. Of this amount, $97,000 was subject to FUTA tax. Using a rate of 0.6 percent, determine the FUTA tax owed and the balance due on January 31, when Form 940 was filed. A deposit of $282 was made during the past year that applied to total tax due. Gross tax Net tax payable

On January 31, AC Baking Company prepared its Employer's Annual Federal Unemployment Tax Return, Form 940. During the previous year, the business paid total wages of $443,664 to its 14 employees. Of this amount, $97,000 was subject to FUTA tax. Using a rate of 0.6 percent, determine the FUTA tax owed and the balance due on January 31, when Form 940 was filed. A deposit of $282 was made during the past year that applied to total tax due. Gross tax Net tax payable

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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