The information given below was taken from the payroll records of Clegg Company (Oregon employer) for 20–.
Use the information to complete the partially illustrated Form 940 shown below. Assume that all taxes were deposited timely.
Total remuneration: $155,900
Included in the total remuneration is $3,000 of employer’s contributions to the employees’ 401(k) plans.
Remuneration in excess of $7,000: $66,670
Taxable remuneration by quarters:
1st quarter $43,700
2nd quarter $24,940
3rd quarter $14,360
4th quarter $3,230
If required, round your answers to two decimal places
. Part 2: Determine your FUTA tax before adjustments for 20–. If any line does NOT apply, leave it blank.
3 Total payments to all employees 3
4 Payments exempt from FUTA tax 4 Select:
5 Total of payments made to each employee in excess of $7,000 5
6 Subtotal (line 4 + line 5 = line 6) 6
7 Total taxable FUTA wages (line 3 – line 6 = line 7)
7 8 FUTA tax before adjustments (line 7 x .006 = line 8) 8
