AP_Chp#5_3 The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner) $117,000 S. Kludlow (partner) 104,000 N. Perry (supervisor) 52,900 T. Lee (factory worker) 36,300 R. Rolf (factory worker) 27,000 D. Broch (factory worker) 6,300 S. Ruiz (bookkeeper) 23,600 C. Rudolph (maintenance) 5,400 In addition, the partnership owed $150 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following: Round your answers to the nearest cent. a. Net FUTA tax for the partnership for this year $fill in the blank 1 b. SUTA tax for this year $fill in the blank 2
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
AP_Chp#5_3
The partnership of Keenan and Kludlow paid the following wages during this year:
| M. Keenan (partner) | $117,000 |
| S. Kludlow (partner) | 104,000 |
| N. Perry (supervisor) | 52,900 |
| T. Lee (factory worker) | 36,300 |
| R. Rolf (factory worker) | 27,000 |
| D. Broch (factory worker) | 6,300 |
| S. Ruiz (bookkeeper) | 23,600 |
| C. Rudolph (maintenance) | 5,400 |
In addition, the partnership owed $150 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state
Round your answers to the nearest cent.
a. Net FUTA tax for the partnership for this year
$fill in the blank 1
b. SUTA tax for this year
$fill in the blank 2
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