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.
Homework Answers
Gross FUTA tax:
Gross FUTA tax = Total taxable wages x Tax rate
= $175,000 x 6%
= $10,500
FUTA tax credit:
FUTA tax credit = Credit for states paid + Additional credit for state tax
= ($175,000 x 3.6%) + [$175,000 x (5.4%-3.6%)]
= $6,300 + [$175,000 x (1.8%)]
=$6,300 + $3,150
=$9,450
Net FUTA tax:
Net FUTA tax = Gross FUTA tax - FUTA tax credit
= $10,500 - $9,450
=$1,050
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