Question

In Part 5 of Form 940, Peterson Company reported FUTA tax liabilities as follows: First quarter: $397.50 Second quarter: $209.10 Third quarter: $274.50 Fourth quarter: $262.20 List the amounts and the dates of each required FUTA tax deposit: If an amount box does not require an entry, enter "0" and select "-" from the dropdown.

Answer 1

Answer and Explanation:

As we know that the FUTA should be deposited at the last day of the ending the quarter when it is more than the $500 and if it is less than $500 so it should be carried forward to the next quarter and then the total amount is deposited.

Particulars Amount Date of deposit

First quarter: $397.50 - -

Second quarter: $209.10 $606.60 31 -07

($397.50 + $209.10)

Third quarter: $274.50 - -

Fourth quarter: $262.20 $536.70 31 - 01

($274.50 + $262.20)