Homework Answers
Since FUTA cap is $7,000, hence FUTA is payable on the initial $7,000 wages of an employee. It means wages earned above $7,000 are not subject to FUTA.
Monthly salary = $2,500
Salary for first quarter = 2,500 x 3
= $7,500
FUTA must have been paid on salary of $7,000 (maximum limit) paid in the first quarter, hence no FUTA is payable on the salaries paid in the second quarter.
Fourth option is correct.
Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubt. Thanks.
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spreadsheet. thank you.
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I am not really understanding this question or how to solve
it.
Note: For this textbook edition the rate 0.6% was used for the net FUTA tax rate for employers. The information listed below refers to the employees of Brennan Company for the year ended December 31, 20--. The wages are separated into the quarters in which they were paid to the individual employees. Name Social Security # 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total $-0- $6,100 $6,300...
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