From the following data, determine the FUTA tax liability for Evans Company for the first quarter. The FUTA tax rate is 0.8% on the first $7,000 of earnings. (Assume all quarters have 13 weeks.)
Definitions:
Corporate Dividend Payout
The portion of earnings distributed to shareholders in the form of dividends.
Firm's Earnings
The profit of a company after all expenses and taxes have been deducted from revenue, indicating the company’s financial performance over a specified period.
Ex-Dividend Date
The specific date on which a declared dividend is set, after which a stock buyer is not entitled to the declared dividend.
Date of Record
This is the date set by a corporation upon which the shareholders must be on the company's books in order to receive a declared dividend or participate in corporate actions.
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