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, $336.00FUTA taxable earnings limit of $7,000, rate 0.6 percent (0.006)First-quarter FUTA taxable liability, $504.00, paid April 30Second-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, $140,000Total Lawn Care Wages, $310,000Jack's Lawn Service Company EIN, 75-1209347No exempt FUTA paymentsAddress: 1515 W. Main Street, Rice, TX 75155Required:Prepare Form 940 and the corresponding 940-V payment voucher for the year.

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Answered: Jack's Lawn Service Company has the…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 5PA

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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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