Question

1. 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 drop down.

First quarter Deposit: amount & date

Second quarter Deposit: amount & date

Third quarter Deposit: amount & date

Fourth quarter Deposit: amount & date

Answer 1

First quarter Deposit: amount $0 date: -

Second quarter Deposit: amount $606.60 date: July 31

Third quarter Deposit: amount $0 date: -

Fourth quarter Deposit: amount $536.7 date: January 31

Step-by-step explanation:

As per IRS, FUTA tax liability is not paid until the tax amount is greater than $500. Since 1st and 3rd quarter FUTA tax liability is less than $500, therefore the amount will accumulate with 2nd and 4th quarter respectively to paid on the dates as mentioned above.