If a taxpayer works for more than one employer during the year, how much in FUTA taxes is remitted in the name of the taxpayer? Multiple Choice If the employee earns less than $7,000 at the first job, the next employer must remit FUTA taxes until the employee has earned a total of $7,000. If the employee earns more than $7,000 at the first job, all other employers are exempt from paying FUTA taxes for this employee during the year. Only the first employer is required to remit FUTA taxes on the wages earned. Both employers must remit FUTA taxes they pay to the employee on the first $7,000 of wages earned by the employee at each job.

The objective of the question is to understand how the Federal Unemployment Tax Act (FUTA) taxes are…

Answered: If a taxpayer works for more than one…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

If a taxpayer works for more than one employer during the year, how much in FUTA taxes is remitted in the name of the taxpayer?

Multiple Choice

If the employee earns less than $7,000 at the first job, the next employer must remit FUTA taxes until the employee has earned a total of $7,000.
If the employee earns more than $7,000 at the first job, all other employers are exempt from paying FUTA taxes for this employee during the year.
Only the first employer is required to remit FUTA taxes on the wages earned.
Both employers must remit FUTA taxes they pay to the employee on the first $7,000 of wages earned by the employee at each job.