Discuss the Fringe Benefits Tax (FBT)implications of the followingcases (a) –(e): (c)An employer giveseach of its15 staff a leg hameachvalued at $60 for Christmas.
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Discuss the
(c)An employer giveseach of its15 staff a leg hameachvalued at $60 for Christmas.
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- An Employer’s Quarterly Federal Tax Return, Form 941, must be filed by the physician-employer on or before: a. January 1, April 1, July 1, October 1 b. January 30, April 30, July 30, October 30 c. April 30, July 31, October 31, January 31 d. February 28, May 31, August 31, November 30 e. March 30, June 30, September 30, December 31For each circumstances, calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. A-1 Framing employs three workers who, as of the beginning of the current pay period, have earned $8,550, $8,200, and $7,400. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $1,100, $1,420, and $2,140, respectively. SUTA tax = $ What is the SUTA tax?A married employee who earns $17/hour, works 38 hours during a recent week, is paid weekly, and claims 6 federal withholding allowances has $_____ in federal income tax withholding under the wage-bracket method.
- Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700 $8,537.40 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $137,700 $17,074.80 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). If the third decimal place is 5 or more, round to the next higher cent. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Dee is paid $2,345 on November 8, 20--. Dee had cumulative gross earnings, including…21. which year's social security tax rate and wage limit apply to employee bonus check dated january 4,2020, but received on december 27, 2019? А, 2019 В, 2020 24. what should be withheld from a bonus in the year it is paid? А, FIT B, FICA C, FIT AND FICA D, FIT,FICA AND FUTADiscuss the Fringe Benefits Tax (FBT)implications of the followingcases (a) –(e): (a)An employer providesa Christmas lunch at a local restaurant, costing $1,000, for 10 of its key employees.
- The following unemployment tax rate schedule is in effect for the calendar year 2019 in State A, which uses thereserve-ratio formula in determining employer contributions:Reserve Ratio Contribution Rate0.0% or more, but less than 1.0% ............................ 6.7%1.0% or more, but less than 1.2% ............................ 6.4%1.2% or more, but less than 1.4% ............................ 6.1%1.4% or more, but less than 1.6% ............................ 5.8%1.6% or more, but less than 1.8% ............................ 5.5%1.8% or more, but less than 2.0% ............................ 5.2%2.0% or more, but less than 2.2% ........................... 4.9%2.2% or more, but less than 2.4% ........................... 4.6%2.4% or more, but less than 2.6% ........................... 4.3%2.6% or more, but less than 2.8% ........................... 4.0%2.8% or more, but less than 3.0% ............................ 3.7%3.0% or more, but less than 3.2% ............................ 3.4%3.2% or…the current FUTA rate is 0.6% and the SUTA taxt rate is 5.4%. both taxes are applied to the first 7,000 of an employees pay. assume that an employee earned total eages of 11,900. what is the amount of total unemployment taxes the employer must pay on this employees wages?Compute the FICA taxes for both employee and employer given the following independent scenarios for The Fish House: The gross payroll total for all employees this month is $30,000. Assume that all employees' wages fall below the Social Security limit. 1 2 1 2 The gross payroll total for all employees this month is $30,000. The amount of employees' wages that fall below the Social Security limit is $25,000. Total FICA taxes Total FICA taxes $ $ 2295 1912.50
- Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90Calculate the employer's total FUTA and SUTA taxes. As TCLH Industries operates in North Carolina, assume a SUTA tax rate of 1.2% and a taxable earnings threshold of $29,600. Current period taxable earnings for FUTA and SUTA taxes are the same as those for FICA taxes. Year-to-date taxable earnings for FUTA and SUTA taxes, prior to the current pay period, are as follows: Zachary Fox: $0 Calvin Bell: $20,478.57 David Alexander: $198,450 Michael Sierra: $117,600In the case where an employer is delinquent in paying contributions to the state for SUTA: a. experience ratings may be decreased. b. their employees may not be eligible to collect unemployment benefits. c. the employer may be required to contribute monthly rather than quarterly. d. a 100% penalty may be imposed.