Question

The primary difference between a FUTA and SUTA periodic report is:

a.the FUTA report is an annual tax return, whereas the SUTA reports are filed quarterly.

b.the SUTA report is filed with the IRS, whereas the FUTA report is filed with the Social Security Administration.

c.the FUTA report is quarterly, whereas the SUTA reports are filed annually.

d.there is no difference, they are replicated reports.

Buckwheat Musical Instruments LLC (not in a credit reduction state) made all of its SUTA payments on a timely basis. If they have the following FUTA taxable wages in 2019, by quarter: $359,000, $47,000, $42,000, $18,000, then the third quarter deposit would be:

a.$2,688

b.$534

c.$500

d.$0

Answer 1

Question 1:-

The correct answer is Option A - The FUTA report is an annual tax return where the SUTA reports are filed quarterly. This statement is true. Even though the futa taxes are paid quarterly, the FUTA return is an annual tax return while SUTA reports like wage report, etc are filed quarterly. Hence, this statement is true.

Option B is incorrect. SUTA reports are filed with the states and not with the IRS. Hence this option is incorrect.

Option C is incorrect. The correct statement is that the FUTA reports are filed annually while SUTA reports are filed quarterly. Since this statement in this option is in contradiction to the actual statement , this option is incorrect.

Option D is incorrect. We have the answer at Option A about the different between a FUTA and a SUTA report.

Kindly post the remaining questions separately so that we can answer them as well. All the best and please let me know if you have any questions via comments :)