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Da Vinci Ltd. has $82,000 of first quarter taxable FUTA wages, second quarter taxable FUTA wages...

Da Vinci Ltd. has $82,000 of first quarter taxable FUTA wages, second quarter taxable FUTA wages of $14,300, and no third or fourth quarter taxable FUTA wages in the current year. They get the full SUTA credit reduction. How much must Da Vinci deposit by April 30 of the current year? a.$492.00 b.$281.00 c.$577.80 d.$0

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Answer #1
FUTA tax rate after credit = 6%-5.4% = 0.6%
FUTA tax liability for first quarter = 82000*0.6%= $492
As FUTA tax liability for first quarter is less than $500, no payment is to made by April 30 of the current year
Option D $0 is correct
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