ACCT137 – Payroll Procedures and Administration Week 6 Employer’s Annual Pay Tax Return Assignment Deadline
Due by the end of Week 6 at 11:59 pm, ET.
Outcomes
Completing this Assignment will partially help you to meet the following:
Course Outcomes
- Prepare quarterly and annual payroll tax returns.
Directions
This assignment will give you an opportunity to complete a current Form 940 (Employer’s Annual Federal Unemployment (FUTA) Tax Return), using the information below. Please use the fillable PDF form located with this assignment. Complete the form using the information provided in the scenario below, save it to your computer, and then upload to the dropbox in Blackboard.
Scenario
As the accountant for Monroe Trucking Company, you are preparing the company’s annual return, Form 940 and Schedule A. Use the following information to complete both.
Address: 423 Bristol Pike
Laredo, TX 78040-4523
EIN: 00-0003793
The net FUTA tax liability for each quarter of 20– are:
First $ 97.00
Second $ 87.00
Third $ 69,70
Fourth $ 59.50
Since the net FUTA tax liability did not exceed $500, the company was not required to make its first deposit of FUTA taxes until January 31 of the next year. Assume that the electronic payment was made on time.
- One of the employees performs all of his duties in another state – Louisiana
- Total payments made to employees during calendar year 20–:
Texas $ 53,540
Louisiana $ 22,150Total $ 75,600
- Employer contributions in California into employees’ 401(k) retirement plan: $1,250 (included in the $75,600).
- Payments made to employees in excess of $ 7,000: $ 22,150.
- Form is to be signed by Vernon Scott, Vice President and dated, 1/31/–
- Phone number (834)-555-5551.