A business employs three individuals, whose taxable earnings to date (prior to the current pay period)...
A business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,200, $46,700 and $500. During the current pay period, these employees earn $2,100, $1,140 and $920, respectively.
Taxable earnings subject to FUTA tax = $
Homework Answers
| The taxable limit for FUTA tax is $7000 | ||
| Taxable earnings | ||
| 1 | 1800 | =7000-5200 |
| 2 | 0 | |
| 3 | 920 | |
| Total | 2720 | |
| Taxable earnings subject to FUTA tax = $2720 | ||
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steps.
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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:
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year, Regis Company's payroll register showed that its employees
earned $27,760 of office salaries and $60,840 of sales salaries.
Withholdings from the employees' salaries include FICA Social
Security taxes at the rate of 6.20%, FICA Medicare taxes at the
rate of 1.45%, $13,560 of federal income taxes, $1,390 of medical
insurance deductions, and $920 of union dues. No employee earned
more than $7,000 in this first period....
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