Instruction 5-1 Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. ​ Refer to Instruction 5-1. Niemann Company has a SUTA tax rate of 7.1%. The taxable payroll for the year for FUTA and SUTA is $82,600.   a) The amount of FUTA tax for the year is __________. b) The amount of SUTA tax for the year is __________. View keyboard shortcuts

Required information Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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 Gross Pay for September a. $ 6,400 $ 1,700 b. 2,700 2,800 c. 133,300 9,900 Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places.

4. EX.10.170 According to a summary of the payroll of Scotland Company, salaries for the period were $500,000. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (5.4%) and federal (0.8%) unemployment taxes. All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%. Required: a. Journalize the entry to record the accrual of payroll. All employee earnings are subject to Medicare tax. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the accrual of payroll taxes. All employee earnings are subject to Medicare tax. If an amount box does not require an entry, leave it blank.

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Example 5-8 The Iqbal Company of Georgia had a FUTA taxable payroll of $215,600 and a SUTA taxable payroll of $255,700 with a 5.6 percent SUTA tax rate. The company would pay unemployment taxes of: FUTA $215,600 × 0.006 = $1,293.60 SUTA $255,700 × 0.056 = 14,319.20 Total taxes   $15,612.80 Kresloff Company has only two employees and is located in a state that has set an unemployment tax for the company of 4.8 percent on the first $12,000 of each employee’s earnings. Both employees are paid the same amount each week ($900) and have earned $11,500 up to this week’s pay. The unemployment taxes that the company must pay for this week’s pay would be $48. FUTA tax (both over $7,000) = $0.00SUTA tax ($1,000 × 0.048) = $48.00($500 of each employee’s pay is under the state taxable limit of $12,000) Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year: V. Hoffman…

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Tio Tom's Dive Shop has 6 employees who each make $12,500 for the first quarter. Total quarterly federal income tax withheld from wages = $6,900. What should line 6 be on the first quarter Form 941 for Tio Tom's Dive Shop? (All wages are taxable for OASDI, HI and federal income tax).

Example 5-7 Shu Company located in Arkansas had FUTA taxable wages of $130,000 and SUTA taxable wages (on first $10,000) were $210,000 with a 0.9 percent SUTA tax rate. The total unemployment taxes that Shu Company is liable for are: FUTA tax – $130,000 × 0.6% = $780 SUTA tax – $210,000 × 0.9% = 1,890 Total unemployment taxes   $2,670 During the year, Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA and SUTA is $123,400. Compute: Round your answers to the nearest cent. a. Net FUTA tax $ b. Net SUTA tax $ c. Total unemployment taxes $   Feedback   a. FUTA Taxable payroll times net FUTA rate?b. SUTA Taxable payroll times net SUTA rate?c. Total unemployment taxes?

Journalize payroll taxThe payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of Medicare tax withheld on total salaries of $70,000 for the period. Earnings of $12,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% andthe state rate of 5.4%. Journalize the entry to record the payroll tax expense for the period.

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