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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
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 Form 940 and Schedule A on pages 5-48 to 5-50. The net FUTA tax liability for each quarter of 2013 was as follows: 1st, $97.00; 2nd, $87.00; 3rd, $69.70; and 4th, $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, 2014. Assume that the electronic payment was made on time.
a. One of the employees performs all of his duties in another state—Louisiana.
b. Total payments made to employees during calendar year 2013:
Texas . . . . . . . . . . . . . $53,450
Louisiana . . . . . . . . . . 22,150
Total . . . . . . . . . . . . . $75,600
c. Employer contributions into employees’ 401(k) retirement plan: $1,250.
d. Payments made to employees in excess of $7,000: $22,150.
e. Form is to be signed by Vernon Scott, Vice President.
f. Phone number — (834) 555-5551.
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