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Crane Co. has a taxable payroll of $1390000. The company is subject to FUTA tax of 6.2% that includes a state contribution rate of 5.4%. However, because of its low employee turnover, it has been granted a reduction in the state rate to 2%. The total amount of federal and state unemployment tax for Crane Co. pay is O $38920 O $86180 O $41700 O $161240

Crane Co. has a taxable payroll of $1390000. The company is subject to FUTA tax of 6.2% that includes a state contribution rate of 5.4%. However, because of its low employee turnover, it has been granted a reduction in the state rate to 2%. The total amount of federal and state unemployment tax for Crane Co. pay is O $38920 O $86180 O $41700 O $161240

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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Crane Co. has a taxable payroll of $1390000. The company is subject to FUTA tax of 6.2% that includes a state contribution rate of 5.4%. However, because of its low employee turnover, it has been granted a reduction in the state rate to 2%. The total amount of federal and state unemployment tax for Crane Co. pay is O $38920 O $86180 O $41700 O $161240
Transcribed Image Text:Crane Co. has a taxable payroll of $1390000. The company is subject to FUTA tax of 6.2% that includes a state contribution rate of 5.4%. However, because of its low employee turnover, it has been granted a reduction in the state rate to 2%. The total amount of federal and state unemployment tax for Crane Co. pay is O $38920 O $86180 O $41700 O $161240
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