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(Solved) As the accountant for Runson Moving Company, you are preparing the company's annual return, Form 940 and Schedule A. Use the following information to...


  1. As the accountant for Runson Moving 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.
  2. The net FUTA tax liability for each quarter of 2017 was as follows: 1st, $216.00; 2nd, $108.80; 3rd, $96.20; and 4th, $59.60 plus the credit reduction.
  3. 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.
  4. a. One of the employees performs all of his duties in another state-Arizona.
  5. b. Total payments made to employees during calendar year 2017:
  6. California$101,690Arizona18,920Total$120,610c. Employer contributions in California into employees' 401(k) retirement plan: $3,570.
  7. d. Payments made to employees in excess of $7,000: $36,940 ($11,920 from Arizona and $25,020 from California).
  8. e. Form is to be signed by Mickey Vixon, Vice President.
  9. f. Phone number - (219) 555-8310.
  10. If an input box does not require an entry, leave it blank. When required, round amounts to the nearest cent.
  11. Form940 for 20--:Employer's Annual Federal Unemployment (FUTA) Tax ReturnDepartment of the Treasury — Internal Revenue ServiceOMB No. 1545-0028Employer identification number (EIN)00–0003793Name (not your trade name)RUNSON MOVING COMPANYTrade name (if any) Address423 BRISTOL PIKE NumberStreetSuite or room number SACRAMENTOCA94203-4523 CityStateZIP code   Foreign country name  Foreign province/countyForeign postal code Type of Return
  12. (Select one.) Amended
  13. Successor employer
  14. No payments to employees in 20--
  15. Final: Business closed or stopped paying wages
  16. None of these

  17. Instructions and prior-year forms are available at www.irs.gov/form940.Read the separate instructions before you fill out this form. Please type or print within the boxes.Part 1: Tell us about your return. If any line does NOT apply, leave it blank.1aIf you had to pay state unemployment tax in one state only, enter the state abbreviation . . . . . . . . . .1a☐ ☐1bIf you had to pay state unemployment tax in more than one state, you are a multi-state employer . . . 1b√Check here.
  18. Complete Schedule A (Form 940).
  19.  2If you paid wages in a state that is subject to CREDIT REDUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2√Check here.
  20. Complete Schedule A (Form 940).
  21. Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3Total payments to all employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3 4Payments exempt from FUTA tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 Select:  Fringe benefits
  22. Group-term life insurance
  23. Retirement/Pension
  24. Dependent care
  25. Other
  26. Blank (no payments exempt from FUTA)
  27.  5Total of payments made to each employee in excess of $7,000 . . . . . . . . . . . .5  6Subtotal (line 4 + line 5 = line 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6 7Total taxable FUTA wages (line 3 – line 6 = line 7) (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . .  7 8FUTA tax before adjustments (line 7 x .006 = line 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  8Part 3: Determine your adjustments. If any line does NOT apply, leave it blank. 9If ALL of the taxable FUTA wages you paid were excluded from state unemployment tax, multiply line 7 by .054 (line 7 x .054 = line 9). Go to line 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  910If SOME of the taxable FUTA wages you paid were excluded from state unemployment tax, OR you paid ANY state unemployment tax late (after the due date for filing Form 940), complete the worksheet in the instructions. Enter the amount from line 7 of the worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1011If credit reduction applies, enter the total from Schedule A (Form 940) . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Part 4: Determine your FUTA tax and balance due or overpayment. If any line does NOT apply, leave it blank.12Total FUTA tax after adjustments (lines 8 + 9 + 10 + 11 = line 12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1213FUTA tax deposited for the year, including any overpayment applied from a prior year . . . . . . . . . . .1314Balance due (If line 12 is more than line 13, enter the excess on line 14.)
  28. ● If line 14 is more than $500, you must deposit your tax.
  29. ● If line 14 is $500 or less, you may pay with this return. (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . .1415Overpayment (If line 13 is more than line 12, enter the excess on line 15 and check a box below.) . . . . . . . .15▶ You MUST complete both pages of this form and SIGN it.Check one:☐ Apply to next return.☐ Send a refund.Next ➨For Privacy Act and Paperwork Reduction Act Notice, see the back of Form 940-V, Payment Voucher.Cat. No. 11234OForm 940 (2015)

  30. Name (not your trade name)Employer identification number (EIN)RUNSON MOVING COMPANY00-0003793Part 5: Report your FUTA tax liability by quarter only if line 12 is more than $500. If not, go to Part 6.16Report the amount of your FUTA tax liability for each quarter; do NOT enter the amount you deposited. If you had no liability for a quarter, leave the line blank. 16a 1st quarter (January 1 – March 31) . . . . . . . . . . . . . . . . . . . . . . . . . 16a  16b 2nd quarter (April 1 – June 30) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16b  16c 3rd quarter (July 1 – September 30) . . . . . . . . . . . . . . . . . . . . . . . . .16c  16d 4th quarter (October 1 – December 31). . . . . . . . . . . . . . . . . . . . . . . 16d 17Total tax liability for the year (lines 16a + 16b + 16c + 16d = line 17)17Total must equal line 12.Part 6: May we speak with your third-party designee? Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS? See the instructions for details.  Yes
  31. No
  32. Designee's name and phone number     Select a 5-digit Personal Identification Number (PIN) to use when talking to IRS     Part 7: Sign here. You MUST fill out both pages of this form and SIGN it. Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete, and that no part of any payment made to a state unemployment fund claimed as a credit was, or is to be, deducted from the payments made to employees. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.✘Sign your
  33. name herePrint your
  34. name here Runson Moving
  35. Mickey Vixon
  36. Print your
  37. title here President
  38. Vice President
  39. Chief Coordinator
  40.  Date 1/31/18Best daytime phone219-555-8310   Paid Preparer Use OnlyCheck if you are self-employed . . . . ☐Preparer's name PTIN Preparer's signature Date /      /Firm's name (or yours if self-employed) EIN Address Phone City State  ZIP code Page 2Form 940 (2015)
  41. Source: Internal Revenue Service

  42. Schedule A (Form 940) for 20--:Multi-State Employer and Credit Reduction Information
  43. Department of the Treasury — Internal Revenue ServiceOMB No. 1545-0028Employer identification number (EIN)00–0003793Name (not your trade name)Runson Moving Company Place an “X” in the box of EVERY state in which you had to pay state unemployment tax this year. For each state with a credit reduction rate greater than zero, enter the FUTA taxable wages, multiply by the reduction rate, and enter the credit reduction amount. Don't include in the FUTA Taxable Wages box wages that were excluded from state unemployment tax (see the instructions for Step 2). If any states don't apply to you, leave them blank.Postal AbbreviationFUTA
  44. Taxable WagesReduction RateCredit ReductionPostal AbbreviationFUTA
  45. Taxable WagesReduction RateCredit Reduction☐ AK×.000☐ NC×.000☐ AL×.000☐ ND×.000☐ AR×.000☐ NE×.000☒ AZ×.000☐ NH×.000☒ CA×.015☐ NJ×.000☐ CO×.000☐ NM×.000☐ CT×.021☐ NV×.000☐ DC×.000☐ NY×.000☐ DE×.000☐ OH×.015☐ FL×.000☐ OK×.000☐ GA×.000☐ OR×.000☐ HI×.000☐ PA×.000☐ IA×.000☐ RI×.000☐ ID×.000☐ SC×.000☐ IL×.000☐ SD×.000☐ IN×.000☐ TN×.000☐ KS×.000☐ TX×.000☐ KY×.000☐ UT×.000☐ LA×.000☐ VA×.000☐ MA×.000☐ VT×.000☐ MD×.000☐ WA×.000☐ ME×.000☐ WI×.000☐ MI×.000☐ WV×.000☐ MN×.000☐ WY×.000☐ MO×.000☐ PR×.000☐ MS×.000☐ VI×.015☐ MT×.000Total Credit Reduction. Add all amounts shown in the Credit Reduction boxes. Enter the total here and on Form 940, line 11 . .For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 940.Cat. No. 16997CSchedule A (Form 940) 2015

 


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