An appliance company has three installers. Larry earns $325 per week, Curly earns $490 per week, and Moe earns $565 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax $ total FUTA tax (b) How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year? total SUTA tax $ total FUTA tax $

An appliance company has three installers. Larry earns $325 per week, Curly earns $490 per week, and Moe earns $565 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax $ total FUTA tax (b) How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year? total SUTA tax $ total FUTA tax $

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter9: Payroll, Estimated Payments, And Retirement Plans

Section: Chapter Questions

Problem 13P

See similar textbooks

Similar questions

Eagle Life Insurance Company pays its employees 0.30 per mile for driving their personal automobiles to and from work. The company reimburses each employee who rides the bus 100 a month for the cost of a pass. Tom collected 100 for his automobile mileage, and Mason received 100 as reimbursement for the cost of a bus pass. a. What are the effects of the above on Toms and Masons gross income? b. Assume that Tom and Mason are in the 24% marginal tax bracket and the actual before-tax cost for Tom to drive to and from work is 0.30 per mile. What are Toms and Masons after-tax costs of commuting to and from work?
Payrex Co. has six employees. All are paid on a weekly basis. For the payroll period ending January 7, total employee earnings were 12,500, all of which were subject to SUTA, FUTA, Social Security, and Medicare taxes. The SUTA tax rate in Payrexs state is 5.4%, but Payrex qualifies for a rate of 2.0% because of its good record of providing regular employment to its employees. Other employer payroll taxes are at the rates described in the chapter. REQUIRED 1. Calculate Payrexs FUTA, SUTA, Social Security, and Medicare taxes for the week ended January 7. 2. Prepare the journal entry for Payrexs payroll taxes for the week ended January 7. 3. What amount of payroll taxes did Payrex save because of its good employment record?
An appliance company has three installers. Larry earns $345 per week, Curly earns $480 per week, and Moe earns $575 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. a.) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? b.) How much SUTA and FUTA tax (in$) does the company owe for the second quarter fo the year?
An appliance company has three installers. Larry earns $345 per week, Curly earns $470 per week, and Moe earns $545 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax$ total FUTA tax$ (b) How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year? total SUTA tax$ total FUTA tax$
An appliance company has three installers. Larry earns $395 per week, Curly earns $490 per week, and Moe earns $595 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax $ 1134 total FUTA tax $126 X X
An appliance company has three installers. Larry earns $315 per week, Curly earns $470 per week, and Moe earns $565 per week. The company's SUTA rate is 5,4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in s) does the company owe for the first quarter of the year? total SUTA tax total FUTA tax Enter a number. (b) How much SUTA and FUTA tax (in S) does the company owe for the second quarter of the year? total SUTA tax 5 total FUTA tax
An appliance company has three installers. Larry earns $375 per week, Curly earns $490 per week, and Moe earns $575 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings.(a)How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year?total SUTA tax $ total FUTA tax $ (b)How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year?total SUTA tax $ total FUTA tax $
An appliance company has three installers. Larry earns $375 per week, Curly earns $440 per week, and Moe earns $595 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax $ 989.82 total FUTA tax $ 1099.80 (b) How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year? total SUTA tax $ total FUTA tax Need Help? Read It
Martin Peters earns $6.10 per hour for the first 40 hours each week. He is paid 1 1/2 times regular pay for all hours over 40. Last week he worked 52 hours.1a) Find his gross pay.1b) Find his FICA tax at 7.65%1c) Find his net pay if other taxes and deductions totaled $73.90.
Hobby Hut has three employees. Find the amount subject FUTA and the amount of the FUTA for this pay period for each employee. If the YTD is already more than $7000, then $0 is subject to FUTA and the FUTA TAX is $0. And the FUTA rate is at 6.0% or 0.006. Do not put dollars signs in your answers. Employee Year to Date Gross this Pay period Suject to FUTA FUTA Paul Braun 5999 1234 Jackie Prince 9856 2543 Flora Jones 3456 1009
1. An employee earns 35,000 a month. He receives his salary every 15th and 30th of the month. His conrtibutions and tax is being deducted fairly every cut-off. A. How much is his gross earnings per cut-off? B. How much is his withholding tax per cut-off? C. Compute for his SSS, Philhealth, and PagIBIG every cut off. D. How much is his net earnings every cut-off?
b. How much SUTA and FUTA tax did Universal pay in the second quarter of the year? Amount under wage limit subject to FUTA and SUTA Abner Clark Corbin Total = SUTA tax, second quarter = FUTA tax, second quarter =