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An appliance company has three installers. Larry earns $335 per week, Curly earns $420 per week, and Moe earns $545 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax $912.60 X X total FUTA tax $101.28 (b) How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year? total SUTA tax $227.07 X total FUTA tax $25.23 X

An appliance company has three installers. Larry earns $335 per week, Curly earns $420 per week, and Moe earns $545 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax $912.60 X X total FUTA tax $101.28 (b) How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year? total SUTA tax $227.07 X total FUTA tax $25.23 X

FINANCIAL ACCOUNTING
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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An appliance company has three installers. Larry earns $335 per week, Curly earns $420 per week, and Moe earns $545 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax $912.60 X total FUTA tax $101.28 X (b) How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year? total SUTA tax $227.07 total FUTA tax $25.23 XX
Transcribed Image Text:An appliance company has three installers. Larry earns $335 per week, Curly earns $420 per week, and Moe earns $545 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax $912.60 X total FUTA tax $101.28 X (b) How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year? total SUTA tax $227.07 total FUTA tax $25.23 XX
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