Don't use Ai Crane Co. has a taxable payroll of $1390000. The company is subject to FUTA tax of 6.2% that includes a state contribution rate of5.4%. However, because of its low employee turnover, it has been granted a reduction in the state rate to 2%. The total amount offederal and state unemployment tax for Crane Co. pay isO $38920O $86180O $41700O $161240

To calculate the total amount of federal and state unemployment tax for Crane Co., we need to…

Answered: Crane Co. has a taxable payroll of…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 4PB

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A7
Peroni Company paid wages of $173,600 this year. Of this amount, $109,200 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 3.1% for Peroni Company. Due to cash flow problems, the company did not make any SUTA payments until after the Form 940 filing date. Compute the following; round your answers to the nearest cent.
Peroni Company paid wages of $178,000 this year. Of this amount, $128,200 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 3.1% for Peroni Company. Due to cash flow problems, the company did not make any SUTA payments until after the Form 940 filing date. Compute the following; round your answers to the nearest cent. a. Amount of credit the company would receive against the FUTA tax for its SUTA contributions$ b. Amount that Peroni Company would pay to the federal government for its FUTA tax$ c. Amount that the company lost because of its late payments$ Feedback a. (Taxable wages x SUTA rate x 90%) + [Taxable wages x (5.4% -SUTA rate)] = Total FUTA tax creditb. (Taxable wages x Gross FUTA rate) – Total FUTA tax credit (part a above) = Net FUTA taxc. Net FUTA tax (part b above) – FUTA tax without penalty = penalty
Jordan Company was subject to the Alaska state unemployment tax of 4.2%. The company's taxable wages for FUTA were $86,700 and for SUTA, $171,000. Compute the following; round your answers to the nearest cent. c. Amount of employees' unemployment tax (use the employee's tax rate shown in Figure 5.1)$fill in the blank 3
Peroni Company paid wages of $170,900 this year. Of this amount, $114,000 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 3.1% for Peroni Company. Due to cash flow problems, the company did not make any SUTA payments until after the Form 940 filing date. Compute the following; round your answers to the nearest cent. a. Amount of credit the company would receive against the FUTA tax for its SUTA contributions$fill in the blank 1 b. Amount that Peroni Company would pay to the federal government for its FUTA tax$fill in the blank 2 c. Amount that the company lost because of its late payments$fill in the blank 3
Hinsky Company was subject to the Alaska state unemployment tax of 4.2%. The company's taxable wages for FUTA were $86,700 and for SUTA, $171,000. Compute the following; round your answers to the nearest cent. a. SUTA tax that Hinsky Company would pay to the state of Alaskafill in the blank 1 of 1$ b. Net FUTA taxfill in the blank 1 of 1$ c. Amount of employees' unemployment tax (use the employee's tax rate shown in Figure 5.1)fill in the blank 1 of 1$
The 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
The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law that imposes a federal employer tax used to help fund state workforce agencies. Employers report this tax by filing an annual Form 940 with the Internal Revenue Service. In the Totals row, complete the following: Net FUTA tax. Since this is the first pay period of the year, none of the employees are near the $7,000 ceiling; therefore, each employee’s gross earnings is subject to the FUTA tax. (The employer rate is 0.6%.) SUTA tax. Since Kipley Company is a new employer, Pennsylvania has assigned the company a contribution rate of 3.689% on the first $10,000 of each employee’s earnings. Note : Round your final answers to nearest cent. I need help in calculating the FUTA and the SUTA in step by step solutions. KIPLEY COMPANY, INC.Taxable EarningsPayroll Taxes Earnings OASDI HI FUTA SUTA Totals $fill in the blank 5e50fe031fd1002_1 $467.75 $109.40 $fill in the blank 5e50fe031fd1002_2…
In the following problems, use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Stys Company’s payroll for the year is $1,210,930. Of this amount, $510,710 is for wages paid in excess of $7,000 to each individual employee. The SUTA tax rate for the company is 3.2% on the first $7,000 of each employee’s earnings. Round your answers to two decimal places. Round your answers to two decimal places. a. The amount of FUTA tax for the year is $fill in the blank 1. b. The amount of SUTA tax for the year is $fill in the blank 2.
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am.100.

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