Sandman Hotel charged $32,880 to their "Wages Expense" account. Sandman paid all SUTA taxes on a...
Sandman Hotel charged $32,880 to their "Wages Expense" account. Sandman paid all SUTA taxes on a timely basis; their SUTA rate was 3.5%. Wages paid in excess of $7,000 were $14,840. Net FUTA taxes for Sandman are: a.$451.00 b.$1,082.40 c.$108.24 d.$144.32
Homework Answers
| Taxable wages for FUTA | 18040 | =32880-14840 |
| X Net FUTA tax rate | 0.60% | |
| Net FUTA taxes for Sandman | 108.24 | |
| Option C $108.24 is correct |
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Sandman Hotel charged $32,880 to their "Wages Expense" account.
Sandman paid all SUTA taxes on a...
Peyton Company's payroll for the year is $733,640. Of this amount $464,980 Is for wages paid...
Peyton Company's payroll for the year is $733,640. Of this amount $464,980 Is for wages paid in excess of $7000 of each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7000 of each employee's earnings. Compute: a. Net FUTA tax b. Net SUTA tax c. Total unemployment taxes
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
In September 2018, Manson Paint Corporation began operations in a state that requires new employe...
In September 2018, Manson Paint Corporation began operations in a state that requires new employers of one or more individuals to pay a state unemployment tax of 3.5% of the first $7,000 of wages paid each employee. An analysis of the company's payroll for the year shows total wages paid of $170,770. The salaries of the president and the vice president of the company were $19,700 and $14,900, respectively, for the four-month period, but there were no other employees who...
Journal entry worksheet 1 Record salaries and wages expense. Record payroll tax expense. Record salaries and...
Journal entry worksheet
1
Record salaries and wages expense.
Record payroll tax expense.
Record salaries and wage expense for fringe benefits provided
by the employer.
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 85% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed...
PROBLEM SET A Since the SUTA rates changes are made at the end of each year...
PROBLEM SET A Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the available 2016 rates were used for FUTA and SUTA. ?similar toExample 5-3 on page The 5-1A LO 3,4 During the year, Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA and S is $123,400. Compute: 4 oab ee UTA py on a. Net FUTA...
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).
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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...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 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 2.9% of the first $7,000 paid to its employee. a. Gross Pay through August $ 5,200 18,900 112,900 Gross Pay for September $ 2,400 2,800 8,700 Compute BMX's amounts for each of these four taxes as applied to the employee's gross...
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid...
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid $1.364 on the current pay period ending March 31st. FICA Social Security taxes are 6.2% of the first $118.500 of wages and FICA Medicare taxes are 1.45% of wages. FUTA taxes are 0.6% of the first $7,000 of wages and SUTA taxes are 5.4% of the first $7,000 of wages. The employee will have $204.60 withheld for Federal income taxes and $68.20 for State...
Journal entry worksheet
1
Record salaries and wages expense.
Record payroll tax expense.
Record salaries and wage expense for fringe benefits provided
by the employer.
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 85% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed...
PROBLEM SET A Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the available 2016 rates were used for FUTA and SUTA. ?similar toExample 5-3 on page The 5-1A LO 3,4 During the year, Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA and S is $123,400. Compute: 4 oab ee UTA py on a. Net FUTA...
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...
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...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 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 2.9% of the first $7,000 paid to its employee. a. Gross Pay through August $ 5,200 18,900 112,900 Gross Pay for September $ 2,400 2,800 8,700 Compute BMX's amounts for each of these four taxes as applied to the employee's gross...
AZT Company has one employee. She has earned $5,778 through March 15th. She will be paid $1.364 on the current pay period ending March 31st. FICA Social Security taxes are 6.2% of the first $118.500 of wages and FICA Medicare taxes are 1.45% of wages. FUTA taxes are 0.6% of the first $7,000 of wages and SUTA taxes are 5.4% of the first $7,000 of wages. The employee will have $204.60 withheld for Federal income taxes and $68.20 for State...
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