How are the funds used which are provided by FUTA and SUTA?
How are the funds used which are provided by FUTA and
SUTA?
Homework Answers
FUTA stands for Federal Unemployment Tax Act(FUTA). It is a payroll tax paid by the employers and employee. The FUTA is used to fund unemployment compensation for employees who lose their jobs. SUTA basically also serves the same purpose. The rate of FUTA tax for most business is 0.6% for the first $7000 of wages
How are the funds used which are provided by FUTA and SUTA? a. SUTA funds are...
How are the funds used which are provided by FUTA and SUTA? a. SUTA funds are used to pay the state and federal administrative expenses and FUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. b. FUTA funds are used to pay the state and federal administrative expenses and SUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. c. All of the funds are used to provide the...
How are the funds used which are provided by FUTA and SUTA? a. SUTA funds are...
How are the funds used which are provided by FUTA and SUTA? a. SUTA funds are used to pay the state and federal administrative expenses and FUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. b. FUTA funds are used to pay the state and federal administrative expenses and SUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. c. All of the funds are used to provide the...
For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by...
For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer for each employee for the current pay period: 1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees earn $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $18,500. Employee 1: Employee...
The SUTA rate for Forth Corporation is 5.4% and its FUTA rate is 6% less the...
The SUTA rate for Forth Corporation is 5.4% and its FUTA rate is 6% less the 5,4% SUTA credit. If its biweekly payroll is $58,374 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes for the payroll?
i fugured out SUTA but need help finding the FUTA tax for each question. my book...
i fugured out SUTA but need help finding the FUTA tax for each
question. my book uses 2017 tax rates. please help show
steps.
1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6.100 and $8.800. During the current pay period, these employees earn $1,380 and $2.360. respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16.500 FUTA tax = $ SUTA...
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.
I need help with B (FUTA and SUTA are incorrect). BMX Company has one employee. FICA...
I need help with B (FUTA and SUTA are incorrect).
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September 31 6,400 2,000 120,900 $ $ 800 2,100 8,000 а. ь. C. Compute BMX's...
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...
Calculate employer's total FUTA and SUTA tax. As TCLH Industries operates in North Carolina, assume a SUTA tax rate of 1.2% and a taxable earnings threshold of $23,500. Current period taxable earn...
Calculate employer's
total FUTA and SUTA tax. As TCLH Industries operates in North
Carolina, assume a SUTA tax rate of 1.2% and a taxable earnings
threshold of $23,500. Current period taxable earnings for FUTA and
SUTA taxes are the same as those for FICA taxes. Year-to-date
taxable earnings for FUTA and SUTA taxes, prior to the current pay
period, are as follows:
Zachary Fox: $0
Calvin Bell: $20,478.57
David Alexander: $198,450
Michael Sierra: $117,600
NOTE: For
simplicity, all calculations throughout...
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?
The SUTA rate for Forth Corporation is 5.4% and its FUTA rate is 6% less the 5,4% SUTA credit. If its biweekly payroll is $58,374 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes for the payroll?
i fugured out SUTA but need help finding the FUTA tax for each
question. my book uses 2017 tax rates. please help show
steps.
1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6.100 and $8.800. During the current pay period, these employees earn $1,380 and $2.360. respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16.500 FUTA tax = $ SUTA...
I need help with B (FUTA and SUTA are incorrect).
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September 31 6,400 2,000 120,900 $ $ 800 2,100 8,000 а. ь. C. Compute BMX's...
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...
Calculate employer's
total FUTA and SUTA tax. As TCLH Industries operates in North
Carolina, assume a SUTA tax rate of 1.2% and a taxable earnings
threshold of $23,500. Current period taxable earnings for FUTA and
SUTA taxes are the same as those for FICA taxes. Year-to-date
taxable earnings for FUTA and SUTA taxes, prior to the current pay
period, are as follows:
Zachary Fox: $0
Calvin Bell: $20,478.57
David Alexander: $198,450
Michael Sierra: $117,600
NOTE: For
simplicity, all calculations throughout...
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?
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