Final answer:
FUTA taxes of more than $500.00 on wages paid in the first quarter must be deposited by April 30, not May 1, unless April 30 is not a business day.
Step-by-step explanation:
Federal Unemployment Tax Act (FUTA) taxes of more than $500.00 on wages paid in the first quarter must be deposited by employers no later than the end of the month following the end of the quarter. For wages paid in the first quarter, which ends on March 31, the deposit deadline is April 30. However, if April 30 falls on a weekend or a holiday, the deposit is typically due the next business day. Therefore, answering the student's question, it's not May 1 but rather April 30, unless that day is not a business day.
These tax deposits are used to fund state workforce agencies and are required for employers to remain in compliance with federal tax obligations. While FUTA taxes are paid by the employer and not deducted from the employee's wages, they still represent an important aspect of payroll taxes, which include both deductions from employee wages and employer-paid taxes based on employee wages.