Niemann Company has a SUTA tax rate of 7.1%. The taxable payroll for the year for FUTA and SUTA is $92,600. (a) The amount of FUTA tax for the year is (b) The amount of SUTA tax for the year is
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the year for FUTA and SUTA is $92,600.
(a) The amount of FUTA tax for the year is
(b) The amount of SUTA tax for the year is
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- Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.During the year, Zeno Company has a SUTA tax rate of 6.3%. The taxable payroll for the year for FUTA and SUTA is $77000. Conpute: *0.6% was used for the FUTA tax rate for employers. Net FUTA tax? Net SUTA tax? Total unemployment taxes?during the year, plum company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA and SUTA is $125,400. .6% used for net FUTA Compute: Net FUTA tax: $ Net SUTA tax: $ 6019.2 Total unemployment taxes: $
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- In the following problems, use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Stys Company’s payroll for the year is $1,210,930. Of this amount, $510,710 is for wages paid in excess of $7,000 to each individual employee. The SUTA tax rate for the company is 3.2% on the first $7,000 of each employee’s earnings. Round your answers to two decimal places. Round your answers to two decimal places. a. The amount of FUTA tax for the year is $fill in the blank 1. b. The amount of SUTA tax for the year is $fill in the blank 2.For the year ended Dec. 31, 201X, Suga Dadi Co. reported pre-tax financial income of 12,000,000. Its taxable income was 14,000,000. The difference is due to rental received in advance. Rental income is taxable when received. The income tax rate is 32% and Suga Dadi Co. made estimated tax payment during of 1,000,000 in 201X. What should Suga Dadi Co. report as 201X total tax income expense?According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record accrued payroll taxes would include a A) credit to SUTA Payable of $18,900 B) debit to SUTA Payable of $630 C) debit to SUTA Payable of $18,900 D) credit to SUTA Payable of $630
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