PSb 5-5 Calculate FUTA and SUTA TaxFor each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer:NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During thecurrent pay period, these employees earn $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16,500.FUTA tax = $SUTA tax = $2: An employer in Bridgeport, Connecticut, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,500, $12,900, and $14,200.During the current pay period, these employees earn $2,200, $1,950, and $2,400, respectively. The applicable SUTA tax rate is 4.9%, and the Connecticut SUTAthreshold is $15,000.FUTA tax = $SUTA tax = $ 3: An employer in the U.S. Virgin Islands, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $1,420 and $32,100. During thecurrent pay period, these employees earn $3,350 and $1,700, respectively. The applicable SUTA tax rate is 4%, and the U.S. Virgin Islands SUTA threshold is $32,500.FUTA tax = $SUTA tax = $An employer in Durham, North Carolina, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $6,000, $22,600, and $35,800.During the current pay period, these employees earn $980, $1,600, and $1,150, respectively. The applicable SUTA tax rate is 1.2%, and the North Carolina SUTAthreshold is $26,000.4:FUTA tax = $SUTA tax = $

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1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees eam $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16,500. FUTA tax = $ SUTA tax = $

1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees eam $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16,500. FUTA tax = $ SUTA tax = $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,200, $46,700 and $500. During the current pay period, these employees earn $1,950, $1,160 and $880, respectively.Taxable earnings subject to FUTA tax = $
Question 2: Based on the wage-bracket method, the federal income tax withholding for an employee who files as Single, is paid weekly, completed the current Form W-4, has one job, and whose adjusted wage amount is $713 is $
Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the lastquarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amountof federal income taxes withheld each month is $1,040. Journalize the payment of wages, and recordthe payroll tax on November 29.
Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. If an amount is zero, enter "0". If required, round your calculations and final answers to the nearest cent. EmployeeNo. Employee Name Marital Status No. of WithholdingAllowances Gross Wageor Salary Amountto BeWithheld 1 Amoroso, A. M 4 $1,610 weekly $fill in the blank 1 2 Finley, R. S 0 825 biweekly fill in the blank 2 3 Gluck, E. S 5 9,630 quarterly fill in the blank 3 4 Quinn, S. M 8 925 semimonthly fill in the blank 4 5 Treave, Y. M 3 2,875 monthly
Gg.15.
Question text Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $128,400; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess of $200,000 was not applicable. PROBLEM: During 2019, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $7,100. Determine the following amounts. OASDI HI (a) The amount of FICA taxes to withhold from her 9th pay is ______ ______ (b) The amount of FICA taxes to withhold from her 19th pay is ______ ______ (c) The amount of FICA taxes to withhold from her 24th pay is ______ ______
What is the name of the employee?
An individual has year-to-date earnings prior to the current period of $138,500, earns $3,600 during the current period, and has a tax return filing status of single. Her self-employment taxes are $__________
Ramsey Smith receives wages amounting to $93,500. His net earnings from self-employment amount to $68,600. Smith must count ________ of his earnings in determining taxable self-employment income for OASDI taxes.
An employer in The U.S. Virgin Islands employs two individuals, whose taxable earnings to date (prior to the current pay period) are $8,500, and $3,400. During the current pay period, these employees earn $870 and $525, respectively. FUTA tax = $ What is the FUTA tax? The FUTA rate is for year 2022 The FUTA rate for this problem is 0.042%
1: An employer in Cleveland, OH, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $5,000 and $12,000. During the current pay period, these employees earn $1,850 and $2,260, respectively.FUTA tax = $ 2: An employer in Nesconset, NY, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $6,900, $1,000, and $24,200. During the current pay period, these employees earn $2,200, $1,950, and $2,800, respectively.FUTA tax = $ 3: An employer in The U.S. Virgin Islands employs two individuals, whose taxable earnings to date (prior to the current pay period) are $8,500, and $3,400. During the current pay period, these employees earn $870 and $525, respectively.FUTA tax = $ 4: An employer in Cary, NC, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,900, $8,900, and $6,600. During the current pay period, these employees earn $960, $1,070, and $820,…
Dee is paid $2,345 on November 8, 20--. Dee had cumulative gross earnings, including overtime pay, of $131,600 prior to this pay. Round your answers to the nearest cent. a. The amount of OASDI taxes to withhold from Dee's pay is $ b. The amount of HI taxes to withhold from Dee's pay is $