Describe, in your own words, the purpose of SUTA. Explain one reason why SUTA rates could increase. Describe how SUTA benefits employees.
Describe, in your own words, the purpose of SUTA. Explain one reason why SUTA rates could increase. Describe how SUTA benefits employees.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Question
Describe, in your own words, the purpose of SUTA.
Explain one reason why SUTA rates could increase.
Describe how SUTA benefits employees.
Expert Solution
Step 1: Define State Unemployment Tax Act (SUTA) tax
It is a kind of payroll tax that states expect leaders to pay. SUTA was specified to provide unemployment advantages to dislodged laborers. States employ funds to pay out unemployment insurance benefits to unemployed professionals. A few states may exempt specific companies from the SUTA tax.
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