what would the accountant do to record the payment of SUTA tax
Homework Answers
SUTA tax which is collected by an employer from the employees's salary is to be deposited with the Government.
The entry when the SUTA tax is withheld by employer will be
| Account | Debit | Credit |
| Wage expenses | xxxx | |
| SUTA tax | xxxx |
The entry to be recorded when the payment is made will be:-
| Account | Debit | Credit |
| SUTA tax | xxxx | |
| Cash | xxxx |
Assuming a SUTA tax rate of 4.2% and a SUTA wage base of $11,000, the SUTA...
Assuming a SUTA tax rate of 4.2% and a SUTA wage base of $11,000, the SUTA tax owed for an employee who has year-to-date earnings prior to the current period of $9,115, earns $2,100 during the current period, and operates in a state with a credit reduction of 1.2% would be $ .
For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by...
For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer for each employee for the current pay period: 1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees earn $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $18,500. Employee 1: Employee...
To compute the Federal Unemployment Tax, the credit against the tax, and any credit reductions that...
To compute the Federal Unemployment Tax, the credit against the tax, and any credit reductions that might apply, employers are required to use a floating scale. This scale for SUTA is 6.0% of the first $7,000 of earnings, 5.4% credit (for SUTA taxes paid) = 0.6 percent of net FUTA rate. The experience ratings set in SUTA rate for each employer based on the past employment record. Suppose this process could be erased and a new one could be created....
During the year, Zeno Company has a SUTA tax rate of 6.3%. The taxable payroll for...
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
Question Completion Status: QUESTION 22 Gross wages are $10,000. The SUTA tax rate is 2%, the...
Question Completion Status: QUESTION 22 Gross wages are $10,000. The SUTA tax rate is 2%, the FUTA tax rate is 8%, the employer's Social Security (OASDI) tax rate is 6.2% and the Medicare (Hi) tax rate is 1.45%. Only $8,000 of wages is subject to Social Security tax and $10,000 subject to Medicare tax. Only $5,000.00 of wages are subject to FUTA tax and $8,000 are subject to SUTA tax. The amount credited to the SUTA Tax and FUTA Tax...
I need to figure out the September earnings subject to tax for FUTA & SUTA. And...
I need to figure out the September earnings subject to tax for
FUTA & SUTA. And also the general journal.
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 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 5.4% of the first $7.000 paid to its employee. Gross Pay through August 31 $ 5,600 2,550 123,200 Gross Pay for...
i fugured out SUTA but need help finding the FUTA tax for each question. my book...
i fugured out SUTA but need help finding the FUTA tax for each
question. my book uses 2017 tax rates. please help show
steps.
1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6.100 and $8.800. During the current pay period, these employees earn $1,380 and $2.360. respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16.500 FUTA tax = $ SUTA...
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...
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 $10,100. What is the amount of total unemployment taxes the employer must pay on this employee's wages?
Calculate employer's total FUTA and SUTA tax. As TCLH Industries operates in North Carolina, assume a SUTA tax rate of 1.2% and a taxable earnings threshold of $23,500. Current period taxable earn...
Calculate employer's
total FUTA and SUTA tax. As TCLH Industries operates in North
Carolina, assume a SUTA tax rate of 1.2% and a taxable earnings
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:
Zachary Fox: $0
Calvin Bell: $20,478.57
David Alexander: $198,450
Michael Sierra: $117,600
NOTE: For
simplicity, all calculations throughout...
Question Completion Status: QUESTION 22 Gross wages are $10,000. The SUTA tax rate is 2%, the FUTA tax rate is 8%, the employer's Social Security (OASDI) tax rate is 6.2% and the Medicare (Hi) tax rate is 1.45%. Only $8,000 of wages is subject to Social Security tax and $10,000 subject to Medicare tax. Only $5,000.00 of wages are subject to FUTA tax and $8,000 are subject to SUTA tax. The amount credited to the SUTA Tax and FUTA Tax...
I need to figure out the September earnings subject to tax for
FUTA & SUTA. And also the general journal.
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 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 5.4% of the first $7.000 paid to its employee. Gross Pay through August 31 $ 5,600 2,550 123,200 Gross Pay for...
i fugured out SUTA but need help finding the FUTA tax for each
question. my book uses 2017 tax rates. please help show
steps.
1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6.100 and $8.800. During the current pay period, these employees earn $1,380 and $2.360. respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16.500 FUTA tax = $ SUTA...
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...
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 $10,100. What is the amount of total unemployment taxes the employer must pay on this employee's wages?
Calculate employer's
total FUTA and SUTA tax. As TCLH Industries operates in North
Carolina, assume a SUTA tax rate of 1.2% and a taxable earnings
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:
Zachary Fox: $0
Calvin Bell: $20,478.57
David Alexander: $198,450
Michael Sierra: $117,600
NOTE: For
simplicity, all calculations throughout...
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