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Instruction 5-1
Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages.
-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:
First Quarter Deposit
$__________
date
__________
Second Quarter Deposit
$__________
date
__________
Third Quarter Deposit
$__________
date
__________
Fourth Quarter Deposit
$__________
date
__________
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Locally Installed Software
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Vertical Market Software
Software that’s developed for and customized to a specific industry’s needs (such as a wood inventory system for a sawmill) as opposed to software that’s useful across a range of industries (such as word processing software).
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