Hii expert please given correct answer general Accounting Deschutes Companies located in Oregon has a SUTA taxrate of 4.10% and a wage base of $35,000. During thelast calendar year, the company paid $393,750 in wagesand salaries for 11 employees. What is the total ofthe FUTA and SUTA tax liabilities for DeschutesCompanies? (Assume that all employees have exceededthe FUTA and SUTA wage bases.)a. $16,562.70.b. $16,709.20.c. $15,323.50.d. $15,785.40.

Step 1: Define Payroll TaxesThe employers are obliged to pay payroll taxes to the government, such…

Answered: Deschutes Companies located in Oregon…

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

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 5PA

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Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.
Grevilla Corporation is a manufacturing company. The corporation has accumulated earnings of $950,000, and it can establish reasonable needs for $400,000 of that amount. Calculate the amount of the accumulated earnings tax (if any) that Grevilla Corporation is subject to for this year. $_____________
Davis, Inc. paid wages to its employees during the year as follows: a. How much of the total payroll is exempt from the FICA rate of 8%? b. How much of the total payroll is exempt from federal and state unemployment taxes? c. How much of the total payroll is exempt from federal income tax withholding?
For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee.
Peyton Company's payroll for the year is $737,910. Of this amount, $472,120 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: Net FUTA tax $________ Net SUTA tax $_________ Total unemployment taxes $________
Peyton Company's payroll for the year is $741,150. Of this amount, $472,770 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: Net FUTA tax
During the year, Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA and SUTA is $123,400. Compute: Net FUTA tax $________ Net SUTA tax $________ Total unemployment taxes $_________
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.
Donner Company began its operations in September of the current year. During September, the company paid wagesof $23,400. For the last quarter of the year, the taxable wages paid amounted to $64,700. None of the employeeswas paid more than $7,000 this year. a. Is Donner Company liable for FUTA tax this year? Explain.b. What is the net FUTA tax?...................................................... $
Runner Company incurred the following amounts for their most recent pay period for employee gross wages totaling $10,000. Federal income tax withholding $ 2,400 State income tax withholding $ 1,100 Federal unemployment tax $ 800 State unemployment tax $ 1.200 The FICA tax rate is 7.65% and assume that all wages are subject to the FICA tax. What is the employer's payroll tax expense for the payroll period? O $2,765 O $ 7,030 O $6,265 O $ 5,735
During the year, Zeno Company has a SUTA tax rate of 6.3%. The taxable payroll for the year for FUTA and SUTA is $77000. Conpute: *0.6% was used for the FUTA tax rate for employers. Net FUTA tax? Net SUTA tax? Total unemployment taxes?
A company has a provision for long service leave for $35,000. In the same year, the company paid out $5,000 in Long service leave to one of its long-serving employees. Required: A. What is the amount of the temporary difference? B. Does this difference give rise to a deferred tax asset or a deferred tax liability? What is the amount of this deferred tax asset/liability? The tax rate is 30%. C. Describe the accounting and tax treatment of the $5,000 payment in the current year.

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