The SUTA rate for Thomson Temp Agency is 5.4% and Its FUTA rate is 6% less the 5.4% SUTA credit.If its semimonthly payroll is $137,320 and none was for payments to employees in excess of the $7,000 wage base; then what are the total FUTA and SUTA taxes (in $)for the payroll?$823.92SUTA tax$FUTA taxTotal taxNeed Help?Enter a number.Read ItWatch ItMaster I

To solve this problem, we need to calculate the FUTA (Federal Unemployment Tax Act) and SUTA (State…

Answered: The SUTA rate for Thomson Temp Agency…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter9: Payroll, Estimated Payments, And Retirement Plans

Section: Chapter Questions

Problem 16MCQ

See similar textbooks

Similar questions

The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If its semimonthly payroll is $137,320 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes (in S) for the payroll? SUTA tax $ FUTA tax S Total tax S
The SUTA rate for Thomson Temp Agency is 5.4% and it’s FUTA rate is 6% less the 5.4% SUTA credit. If its semimonthly payroll is payroll is $135,320 and none was for payments to employees in excess of the $7,000 wage base, then what the total FUTA and SUTA taxes ( in $ ) for the payroll? What is the SUTA tax ? What is the FUTA tax ? What is the Total tax?
The SUTA rate for LARVA Corporation is 5.4% and its FUTA rate is 6.0% less the 5.4% SUTA credit. If its semimonthly GROSS payroll is $254,400 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes for the payroll? O $15,264.00 O $17,844.00 O$28,203.60 O $29,001.60
The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If its semimonthly payroll is $135,320 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes (in $) for the payroll?
Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Niemann Company has a SUTA tax rate of 7.1%. The taxable payroll for the year for FUTA and SUTA is $82,600. 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.
A customer purchases $28.14 in prodcts only $12.83 is taxable. How much sales tax is owed if the tax rate is 10%?
es ! Required information [The following information applies to the questions displayed below.]. a) Tax 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. 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. FUTA SUTA b) Tax a. b. C. FICA-Social Security FICA-Medicare FUTA SUTA c) Tax Gross Pay through August 31 $ 5,300 2,800 132,200 FICA-Social Security FICA-Medicare FICA-Social Security FICA-Medicare FUTA SUTA Gross Pay for September $ 2,600 2,900 8,800 September Earnings Subject to Tax 2,600.00 2,600.00 $ September Earnings Subject to Tax 2,900.00 2,900.00 September Earnings Subject to Tax 8,800.00 Tax Rate 6.20% 1.45%…
(a) Tax 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. noo FUTA SUTA Gross Pay through August 31 $6,400 2,700 133,300 Exercise 9-7 (Algo) Computing payroll taxes LO P2, P3 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. FICA-Social Security FICA-Medicare Gross Pay for September $ 1,700 2,800 9,900 $ September Earnings Subject to Tax 1.700.00 1.700.00 600.00 600 00 Tax Rate Tax Amount 6.20% $ 1:45% 0.60% 5.40% 105,40 24 65 3.60 32.40
a) Tax 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. FUTA SUTA b) Tax b. c. 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. FICA-Social Security FICA-Medicare FUTA SUTA c) Tax Gross Pay through August 31 $ 6,500 2,100 131,500 FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare Gross Pay for September $ 900 2,200 8,100 September Earnings Subject to Tax September Earnings Subject to Tax September Earnings Subject to Tax Tax Rate Tax Rate Tax Rate Tax Amount Tax Amount Tax Amount
Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Niemann Company has a SUTA tax rate of 7.1%. The taxable payroll for the year for FUTA and SUTA is $82,600. Round your answers to two decimal places. a. The amount of FUTA tax for the year is $ b. The amount of SUTA tax for the year is $
The SUTA rate for Worldwide Industries is 5.4% and its FUTA rate is 6.0% less than the 5.4% SUTA credit. If its weekly payroll is $54,174, and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes for the payroll? the options are: a. 2830.44 b. 3250.44 c. 5377.84 d. 6175.84 When I look at this my brain turns to mush, any help is so much appreciated :)
A company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax rate is 15%, the state income tax rate is 4%, the FICA rate is 7.65%, and the company's state unemployment tax rate is 3%. Which of the following is the formula used to determine this payroll calculation? Select one: a. $13,449.90 b. $14,214.64 c. $13,633.27 d. $7,713.07 e. $7,895.78

SEE MORE QUESTIONS

Recommended textbooks for you

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

SEE MORE TEXTBOOKS