College Accounting (Book Only): A ...
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College Accounting (Book Only): A ...
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, $310,000
- i. Jack’s Lawn Service Company EIN, 75-1209347
- j. No exempt FUTA payments
- k. Address: 1515 W. Main Street, Rice, TX 75155
Required
Go to www.irs.gov to locate Form 940. Prepare Form 940 for the year. Then record the appropriate FUTA payment entry in the journal.
Complete the Form 940 for the year and journalize the appropriate FUTA payment entry.
Form 940: Form 940 is used to report the employer’s federal unemployment tax liability and the payments during the particular calendar year. This from is prepared one in a year with a due date on January 31 following the close of the calendar year.
Complete the Form 940 for the year:
(Figure 1)
(Figure 2)
Journalize the appropriate FUTA payment entry.
| Date | Account Title and explanation | Debit ($) | Credit (ďż˝... |
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