What percentage do employers pay for state unemployment taxes? 35% 25% 45% it depends on the state
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- The employer is responsible for which of the following payroll taxes? 6.2% FICA—OASDI tax 1.45% FICA—Medicare tax Federal and state unemployment taxes< All of the above1. What loan from the federal government given to individual states is used to provide unemployment benefits to state residents? Answer: A. SUTA Advances B. FUTA Advances C. Title XII Advances D. Title 15 Advances 2. The SUTA tax rate is determined by an employer’s _____. Answer: A. credit reduction B. FUTA tax rate C. experience rating D. Medicare tax rate 3. Identify each item as associated with Form 1099-NEC, Form 1096, or both. A. Displays earnings for one individual Form 1099-NEC Form 1096 Both B. Displays earnings for multiple individuals Form 1099-NEC Form 1096 Both C. Requires a signature Form 1099-NEC Form 1096…22 On a recent paycheck, the employee's taxes were as follows: Federal withholding, $31; Social Security tax, $41.20; Medicare, $11.93; and state income tax, $14.25. What is the employer's share for these taxes? Multiple Choice $53.13 $67.38 $98.38 $45.25
- The following unemployment tax rate schedule is in effect for the calendar year 2021 in State A, which uses the reserve-ratio formula in determining employer contributions: Reserve Ratio Contribution Rate 0.0% or more, but less than 1.0% 6.7% 1.0% or more, but less than 1.2% 6.4% 1.2% or more, but less than 1.4% 6.1% 1.4% or more, but less than 1.6% 5.8% 1.6% or more, but less than 1.8% 5.5% 1.8% or more, but less than 2.0% 5.2% 2.0% or more, but less than 2.2% 4.9% 2.2% or more, but less than 2.4% 4.6% 2.4% or more, but less than 2.6% 4.3% 2.6% or more, but less than 2.8% 4.0% 2.8% or more, but less than 3.0% 3.7% 3.0% or more, but less than 3.2% 3.4% 3.2% or more 3.1% Hyram Company, which is located in State A, had an average annual payroll of $860,000 for the three 12-month periods ending on June 30, 2020 (the computation date for the tax year 2021). As of June 30, 2020, the total contributions that had been made to Hyram Company's reserve account,…The employer is responsible for which of the following payroll taxes? a. 6.2% FICA—OASDI tax b. 1.45% FICA—Medicare tax c. Federal and state unemployment taxes d. All of the abovethe rate 0.6% was used for the net FUTA tax rate for employers. The following unemployment tax rate schedule is in effect for the calendar year 2020 in State A, which uses the reserve-ratio formula in determining employer contributions: Reserve Ratio Contribution Rate 0.0% or more, but less than 1.0% 6.7% 1.0% or more, but less than 1.2% 6.4% 1.2% or more, but less than 1.4% 6.1% 1.4% or more, but less than 1.6% 5.8% 1.6% or more, but less than 1.8% 5.5% 1.8% or more, but less than 2.0% 5.2% 2.0% or more, but less than 2.2% 4.9% 2.2% or more, but less than 2.4% 4.6% 2.4% or more, but less than 2.6% 4.3% 2.6% or more, but less than 2.8% 4.0% 2.8% or more, but less than 3.0% 3.7% 3.0% or more, but less than 3.2% 3.4% 3.2% or more 3.1% Conrad Company, which is located in State A, had an average annual payroll of $1,150,000 for the three 12-month periods ending on June 30, 2019 (the computation date for the tax year 2020). As of June 30, 2019, the total…
- 1. What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT exceed the additional Medicare tax threshold? Answer: A. 15.3% B. 12.4% C. 2.9% D. 1.45% 2. What is the standard credit applied to the FUTA tax rate in non-credit reduction states? Answer: A. 0.6% B. 0.9% C. 5.4% D. 6% 3. An employer in a non-credit reduction state would pay FUTA taxes of _____ for an employee whose year-to-date earnings prior to the current period are $7,200 and who earns $1,100 during the current period. Answer: A. $0 B. $6.60 C. $43.20 D. $49.80QUESTION 18 Assume that social security taxes are payable at a 6.0% rate, Medicare taxes are payable at a 1.5% rate with no maximum earni and state unemployment compensation taxes total 4.6% on the first $7,000 of earnings. If an employee earns $2,500 for the cur employee's year-to-date earnings before this week were $6,800, what is the total payroll tax related to the current O a. $9.20 week? O b. $344.50 O c. $196.70 O d. $187.50The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (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 $11,300. What is the amount of total unemployment taxes the employer must pay on this employee's wages? Multiple Choice О $610.20. О $678.00. О $420.00. О $67.80. О $0.00. 18
- What is the maximum that can be deducted as an above the line deduction for the amount that you pay to social security for self-employment taxes? a. 25% b. 100% C. 50% d. none e. 75%Federal income taxes are subject to a maximum amount per employee per year.TrueFalseQuestion 10: What types of wage garnishments are typically satisfied before others? Answer: A. Student loan payments and state/federal tax levies В. Alimony and child support payments С. O Child support payments and federal tax levies D. O State and federal tax levies
