(SOLVED)- Sharon s Dance Studio has the following information related to its


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$19

Sharon’s Dance Studio has the following information related to its current year payroll as of December 31: a, Federal Unemployment Tax Payable as of December 31, $ 110.00 b. FUTA taxable earnings limit of $ 7,000, rate 0.6 percent (0.006) c. First- quarter FUTA taxable liability, $ 520.00, paid April 30d. Second- quarter FUTA taxable liability, $ 45.00 (liability under $ 500, no payment made) e. Third- quarter FUTA taxable liability, $ 39.00 (total liability under $ 500, no payment made) f. Fourth- quarter FUTA taxable liability, $ 26.00 (payment to be made January of the following year) g. FUTA taxable earnings for the year, $ 105,000 h. Total Dance Instructor Wages, $ 195,000 i. Sharon’s Dance Studio EIN, 75- 9182736 j. No exempt FUTA payments k. Address: 392 E. Michigan Ave., Smithville, TX, 78957 required Go to www.irs.gov to locate Form 940. Prepare Form 940 and the corresponding 940- V payment voucher for the year. Then record the appropriate FUTA payment entry in the journal.

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$19