The net FUTA tax liability for each quarter of 2017 was as follows: 1st, $220.00

Question

The net FUTA tax liability for each quarter of 2017 was as follows: 1st, $220.00; 2nd, $105.10; 3rd, $102.20; and 4th, $47.96 plus the credit reduction.

Since the net FUTA tax liability did not exceed $500 until the 4th quarter, the company was required to make its first deposit of FUTA taxes on January 31, 2018. Assume that the electronic payment was made on time.

a. One of the employees performs all of his duties in another state-Arizona.

b. Total payments made to employees during calendar year 2017:

c. Employer contributions in California into employees' 401(k) retirement plan: $3,600.

d. Payments made to employees in excess of $7,000: $37,620 ($12,630 from Arizona and $24,990 from California).

e. Form is to be signed by Mickey Vixon, Vice President.

f. Phone number - (219) 555-8310.

If an input box does not require an entry, leave it blank. When required, round amounts to the nearest cent.

Explanation / Answer

point 3 - $120430

point 4 - $3600

point 5 - $37620

point 6 - $41220

point 7 - $79210 ($120430-$41220)

point 8 - $475.26 ($9210*.006)

point 12 - $475.26

point 13 - $475.26

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