Urgent please help me.Complete Form 940, Employer’s Federal unemployment (FUTA) tax return & Federal Deposit Information worksheet, for Glo-Brite company. Also, complete the Federal Deposit Information Worksheet, using the blank form reproduced. a Total wages for the first three quarters was 142,224.57 FUTA taxable wages for the first three quarters was 65,490.00b FUTA tax liability by quarter: 1st quarter-204.53 2nd quarter 105.25 3rd quarter 83.16. The first FUTA deposit is now due Additional information Remember this is a annual form. SUTA payments were made in the state of Pennsylvania.Total gross pay 324,142.04Wages subject to FUTA 73,540.00Remember A company is not required to deposit FUTA tax until the liability reaches 500.00 Part 3:Determine your adjustments. If any line does NOT apply, leave it blank.6.9 If ALL of the taxable FUTA wages you paid were excluded from state unemployment tax, multiply line 7by 0.054 (line 7 x 0.054 = line 9). Go to line 1210 If SOME of the taxable FUTA wages you paid were excluded from state unemployment tax, OR you paidANY state unemployment tax late (after the due date for filing Form 940), complete the worksheet in theinstructions. Enter the amount from line 7 of the worksheet1011 If credit reduction applies, enter the total from Schedule A (Form 940)11Part 4:Determine your FUTA tax and balance due or overpayment. If any line does NOT apply, leave it blank.12 Total FUTA tax after adjustments (lines 8 + 9 + 10 + 11 = line 12)1213 FUTA tax deposited for the year, including any overpayment applied from a prior year1314 Balance due. If line 12 is more than line 13, enter the excess on line 14.. If line 14 is more than $500, you must deposit your tax.14• If line 14 is $500 or less, you may pay with this retum. See instructions15 Overpayment. If line 13 is more than line 12, enter the excess on line 15 and check a box below.15You MUST Complete both pages of this form and SIGN it.Check one: C Apply to next return.Send a refund.Next -For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher.Cat. No. 112340Form 940 (2018)Name (not your trade name)Employer identification number (EIN)GLO-BRITE PAINT COMPANY00-0000660Part 5:Report your FUTA tax liability by quarter only if line 12 is more than $500. If not, go to Part 6.16 Report the amount of your FUTA tax liability for each quarter; do NOT enter the amount you deposited. If you had no liability for aquarter, leave the line blank.16a 1st quarter (January 1- March 31)16a204.5316b105.2516b 2nd quarter (April 1- June 30)16c 3rd quarter (July 1- September 30)16c83.1616d16d 4th quarter (October 1- December 31).17Total must equal line 12.17Total tax liability for the year (Hnes 16a + 16t + 16c+16d line 17)Part 6:May we speak with your third-party designee?All work aaved.(23)O Type here to search立 Part 7Form 940 for 20--:Employer's Annual Federal Unemployment (FUTA) Tax ReturnDepartment of the Treasury - Internal Revenue ServiceOMB No. 1545-0028Employer identification number(EIN)6Type of Return6(Select one.)Name (not your trade name)GLO-BRITE PAINT COMPANYTrade name (if any)na tas ltructions andAmendedAddress 2215 SALVADOR STREETSuccessor employerNumberStrectSulte or rooNo payments to employees in 20--PHILADELPHIA19175-06Final: Business closed or stopped paying wagesPACityStateZIP coddNone of theseForcign .country nameForeign province/countyForeign pastal codeRead the separate instructions before you complete this form. Please type or print within the boxus.Part 1:Tell us about your return. If any line does NOT apply, leave it blank. See instructions before completing Part 1.la If you had to pay state unemployment tax in one state only, enter the state abbreviationlaA1b If you had to pay state unemployment tax in more than one state, you are a multi-state employern Check here.1bComplete Schedule A (Form 940).If you paid wages in a state that is subject to CREDIT REDUCTION10 Check here.Complete Schedule A (Form 940).Part 2:Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank.3 Total payments to all employees3.4 Payments exempt from FUTA taxSelect: Retirement/Pension5 Total of payments made to each employee in excess of $7,0006 Subtotal (line 4+ line 5 line 6)6.7.Total taxable FUTA vwages (line3- line 6 line 7). Seu instructions7.3 FUTA Lax before adjustments (lie 7 x 0.006 line B)8.All work eaved.

Unemployment tax: Unemployment tax can be defined as the tax charged by the Federal government for…

Answered: Urgent please help me. Complete Form…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q