question archive Jack’s Lawn Service Company has the following information related to its current year payroll as of December 31: a
Jack’s Lawn Service Company has the following information related to its current year payroll as of December 31: a
Subject:AccountingPrice: Bought3
Jack’s Lawn Service Company has the following information related to its current year payroll as of December 31:
a. Federal Unemployment Tax Payable as of December 31, $336.00
b. FUTA taxable earnings limit of $7,000, rate 0.6 percent (0.006)
c. First-quarter FUTA taxable liability, $504.00, paid April 30
d. Second-quarter FUTA taxable liability, $168.00 (liability under $500, no payment made)
e. Third-quarter FUTA taxable liability, $112.00 (total liability under $500, no payment made)
f. Fourth-quarter FUTA taxable liability, $56.00 (payment to be made January of the following year)
g. FUTA taxable earnings for the year, $140,000
h. Total Lawn Care Wages, $310,000
i. Jack’s Lawn Service Company EIN, 75-1209347
j. No exempt FUTA payments
k. Address: 1515 W. Main Street, Rice, TX, 75155
Required
Go to www.irs.gov to locate Form 940. Prepare Form 940 and the corresponding 940-V payment voucher for the year. Then record the appropriate FUTA payment entry in the journal.
