Pied Piper has a taxable payroll of $500,000. The company is subject to Federal Unemployment Tax Act (FUTA) at a rate of 6.2% and a state contribution rate of 5.4%. However, because of stable employment experience, Pied Piper’s state rate has changed to 2%. How much federal and state unemployment tax must Pied Piper pay, in total?
$58,500 |
$41,000 |
$20,000 |
$14,000 |
D. $14,000
Federal and state unemployment tax = [(.062 - .054) + .02] × $500,000 = $14,000
Pied Piper has a taxable payroll of $500,000. The company is subject to Federal Unemployment Tax...
Marigold Corp., which has a taxable payroll of $1310000, is subject to FUTA tax of 6.2% and a state contribution rate of 5.4%. However, because of stable employment experience, the company’s state rate has been reduced to 2%. What is the total amount of federal and state unemployment tax for Marigold Corp.?
company has a gross payroll for the month of $846,000. The entire payroll is subject to a fica rate of 6.2% and a medicare rate of 1.45%Also federal tax is $176,000 and state tax is $18,500. 365,000 of the payroll is subject to a state unemployment rate of 5.4% and a federal unemployment rate 0.6%. a) Record the employee payroll for the month. )Record the employer payroll tax expense for the month. GeneralJ company has a gross payroll for the...
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...
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...
Wildhorse Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $121,300 $121,300 $36,400 $36,400 Sales 34,200 34,200 3,800 3,800 Administrative 32,700 32,700 Total $188,200 $188,200 $40,200 $40,200 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee’s wages to $128,400...
Pearl Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $128,000 $128,000 $42,900 $42,900 Sales 32,600 32,600 3,700 3,700 Administrative 36,300 36,300 Total $196,900 $196,900 $46,600 $46,600 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee’s wages to $128,400...
Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $122,200 $122,200 $36,200 $36,200 Sales 33,500 33,500 3,900 3,900 Administrative 35,500 35,500 xxxx xxxx Total $191,200 $191,200 $40,100 $40,100 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee’s wages to $118,500 and 1.45% in excess of $118,500. Of...
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
Blossom Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $121,300 $121,300 $36,400 $36,400 Sales 34,200 34,200 3,800 3,800 Administrative 32,700 32,700 Total $188,200 $188,200 $40,200 $40,200 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee’s wages to $128,400...
Crane Hardware Company's payroll for November 2017 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Wages Due Federal Payroll Factory Sales Administrative FICA State $36,900 3,900 $124,400 $124,400 31,100 31,100 37,200 37,200 $192,700 $192,700 $36,900 3,900 Total $40,800 $40,800 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee's wages to...