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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- i need the answer quicklyA7Peroni 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 = penaltyJordan 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 3Peroni 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$BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. FICA - Social Security FICA Base FICA - Medicare Federal Unemployment Tax (FUTA) State Unemployment Tax (SUTA) Unemployment limit Situation FUTA SUTA FICA-Social Security FICA-Medicare a. b. C. Gross Pay through August 31 $6,400 2,000 131,400 6.2% $137,700 1.45% 0.6% 5.4% $7,000 Gross Pay for September Required: Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: If no tax is due, no formula is required. 'Tax Situation a Situation b Situation c $800 2,100 8,000Vulcra, Inc., has a semimonthly payroll of $67,960 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,780 is taxable under FICA Taxes-OASDI; and $10,250 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,932. The amount withheld for state income taxes is $1,448. Journalize the payment of the wages, and record the payroll taxes on September 15. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Account Debit Credit Payment of wages fill in the blank 64ee8a05df97fa2_2 fill in the blank 64ee8a05df97fa2_3 fill in the blank 64ee8a05df97fa2_5 fill in the blank 64ee8a05df97fa2_6 fill in the blank 64ee8a05df97fa2_8 fill in the blank 64ee8a05df97fa2_9 fill in the blank 64ee8a05df97fa2_11 fill in the blank 64ee8a05df97fa2_12 fill in the blank 64ee8a05df97fa2_14 fill in the blank…
- Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is taxable under FICA Taxes-HI; $63,850 is taxable under FICA Taxes-OASDI; and $10,300 is taxable under FUTA and SUTA. The state contribution rate for the company is 4.1%. The amount withheld for federal income taxes is $9,911. The amount withheld for state income taxes is $1,410. b. Assume that the employees of Vulcra, Inc., must also pay state contributions (disability insurance) of 1% on the taxable payroll of $62,100 and that the employees' contributions are to be deducted by the employer. Journalize the September 15 payment of wages, assuming that the state contributions of the employees are kept in a separate account.The following information pertains to a weekly payroll of Texera Tile Company:1. The total wages earned by employees are $17,210.2. The state unemployment insurance contribution rate is 3.5%.3. The entire amount of wages is taxable under FICA, FUTA, and SUTA.4. The amount withheld from the employees’ wages for federal income taxes is $1,890; for state income taxes, $369.40; and for group insurance, $193.00.Journalize the payment of wages and record the payroll taxes for this payrollKk131.
