Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Niemann...

Question

Question

Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages.

Niemann Company has a SUTA tax rate of 7.1%. The taxable payroll for the year for FUTA and SUTA is $82,600.

Round your answers to two decimal places

a. The amount of FUTA tax for the year is $.

b. The amount of SUTA tax for the year is $.

Answer 1

Answer #1

The Amount of FUTA tax for the year = FUTA = (82600) x 0.6), = $495.60 The Amount of SUTA tax for the year → SUTA = $ 82600 X

Answer 2

Similar Homework Help Questions

The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes...

The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $10,100. What is the amount of total unemployment taxes the employer must pay on this employee's wages?
Peroni Company paid wages of $175,400 this year. Of this amount, $106,500 was taxable for net...

Peroni Company paid wages of $175,400 this year. Of this amount, $106,500 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 3.1% for Peroni Company. Due to cash flow problems, the company did not make any SUTA payments until after the Form 940 filing date. Compute the following; round your answers to the nearest cent. a. Amount of credit the company would receive against the FUTA tax for its SUTA contributions b. Amount that Peroni...
Peroni Company paid wages of $167,700 this year. Of this amount, $101,100 was taxable for net...

Peroni Company paid wages of $167,700 this year. Of this amount, $101,100 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 3.1% for Peroni Company. Due to cash flow problems, the company did not make any SUTA payments until after the Form 940 filing date. Compute the following; round your answers to the nearest cent. a. Amount of credit the company would receive against the FUTA tax for its SUTA contributions $ b. Amount that...

The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes...

The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $2,900 in the current period and had cumulative pay for prior periods of $5,800. What is the amount of unemployment taxes the employer must pay on this employee's wages for the current period? A) 420 B) 0 C) 174 D) 348 E) 72
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
During the year, Zeno Company has a SUTA tax rate of 6.3%. The taxable payroll for...

During the year, Zeno Company has a SUTA tax rate of 6.3%. The taxable payroll for the year for FUTA and SUTA is $77,000. Compute: a. Neta FUTA tax b. Net SUTA tax c. Total unemployment taxes

Leinart Company had taxable wages (SUTA and FUTA) totaling $175,000. During the year, the company was...

Leinart Company had taxable wages (SUTA and FUTA) totaling $175,000. During the year, the company was late in paying it's state contributions of 3.6% and is, therefore, subject to the FUTA credit reduction. Determine the amount of net FUTA tax.
The 42 on FUTA is wrong Please correct me and explain your answers. Required information Use...

The 42 on FUTA is wrong Please correct me and explain your answers. Required information Use the following information for the Exercises below. The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee....
I need to figure out the September earnings subject to tax for FUTA & SUTA. And...

I need to figure out the September earnings subject to tax for FUTA & SUTA. And also the general journal. BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 paid to its employee. Gross Pay through August 31 $ 5,600 2,550 123,200 Gross Pay for...

The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law that imp...

The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law that imposes a federal employer tax used to help fund state workforce agencies. Employers report this tax by filing an annual Form 940 with the Internal Revenue Service. Complete the following steps: Net FUTA tax: Since this is the first pay period of the year, none of the employees are near the $7,000 ceiling; therefore, each employee’s gross earnings is subject to the FUTA...