Less Nessman, owner of Flying Turkeys Corporation, has three employees who earn $500, $600, and $700, respectively. After 12 weeks how much has Less Nessman contributed for state and federal unemployment? Assume a state rate of 5.6% and a federal rate of .8%.
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Less Nessman, owner of Flying Turkeys Corporation, has three employees who earn $500, $600, and $700, respectively. After 12 weeks how much has Less Nessman contributed for state and federal
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- Paula Ryan pays her two employees $410 and $650 per week. Assume a state unemployment rate of 5.4% and a federal rate of 0.6%. What state and federal unemployment tax will Paula pay at the end of Quarter 1 and Quarter 2? (Round your answers to the nearest cent.)PLEASE SHOW ALL WORK Jim Brewer, owner of Arrow Company, has three employees who earn $200, $800, and $950 a week. Assume a state SUTA rate of 5.1%. What will Jim pay for state and federal unemployment taxes for the first quarter?Note: FUTA remains at .006 whether SUTA rate is higher or lower than standardRon Valdez worked for two different employers. Until May, he worked for Rowland Construction Company in Ames, Iowa, and earned $22,940. The state unemployment rate for Rowland is 4.6%. He then changed jobs and worked for Ford Improvement Company in Topeka, Kansas, and earned $30,360 for the rest of the year. The state unemployment rate for Ford is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by each company. Round your answers to the nearest cent. Use Figure 5.1 to determine SUTA caps in Iowa and Kansas. a. Rowland Construction Company $fill in the blank 1 b. Ford Improvement Company $fill in the blank 2
- Rick O’Shea, the only employee of Hunter Furniture Company, makes $30,000 per year and is paid once a month. For the month of July, his federal income taxes withheld are $180, state income taxes withheld are $37, social security tax is 6.2%, Medicare tax is 1.45%, State Unemployment Tax is 4%, and Federal Unemployment tax is 0.6%. What is Rick’s net pay for July? Multiple Choice $2,500.00 $2,283.00 $2,308.75 $2,091.75Jeff Smallwood worked for two different employers. Until May, he worked for Rowland Construction Company in Ames, Iowa, and earned $22,000. The state unemployment rate for Rowland is 4.6%. He then changed jobs and worked for Ford Improvement Company in Topeka, Kansas, and earned $29,500 for the rest of the year. The state unemployment rate for Ford is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by each company. Use Figure 5.1 to determine SUTA caps in Iowa and Kansas.Sky Company employed Tom Mills in Year 1. Tom earned $5,300 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $110,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $940 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee. b. Assume that instead of $5,300 per month Tom earned $9,700 per month. Answer the following questions. What is Tom's net pay per month? What amount does Tom pay monthly in FICA payroll taxes? What is the total payroll tax expense for Sky Company for January Year 1? February Year 1? March Year 1? December Year 1?
- Sky Company employed Tom Mills in Year 1. Tom earned $5,300 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $110,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $940 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee. Required a. Answer the following questions. What is Tom's net pay per month? What amount does Tom pay monthly in FICA payroll taxes? What is the total payroll tax expense for Sky Company for January Year 1? February Year 1? March Year 1? December Year 1? b. Assume that instead of $5,300 per month Tor earned $9,700 per month. Answer the following questions What is Tom's net pay per month? What amount does Tom pay monthly in FICA payroll taxes? What is the total payroll tax expense for Sky Company for January Year 1? February Year 1? March Year 1?…Sky Company employed Tom Mills in Year 1. Tom earned $5,300 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $110,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $940 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee. Required a. Answer the following questions. (1) What is Tom's net pay per month? (2) What amount does Tom pay monthly in FICA payroll taxes? (3) What is the total payroll tax expense for Sky Company for January Year 1? February Year 1? March Year 1? December Year 1? b. Assume that instead of $5,300 per month Tom earned $9,700 per month. Answer the following questions. (1) What is Tom's net pay per month? (2) What amount does Tom pay monthly in FICA payroll taxes? (3) What is the total payroll tax expense for Sky Company for January Year 1? February Year…Sky Company employed Tom Mills in Year 1. Tom earned $5,700 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $110,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $950 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee. Required a. Answer the following questions. (1) What is Tom's net pay per month? (2) What amount does Tom pay monthly in FICA payroll taxes? (3) What is the total payroll tax expense for Sky Company for January Year 1? February Year 1? March Year 1? December Year 1? b. Assume that instead of $5,700 per month Tom earned $9,600 per month. Answer the following questions. (1) What is Tom's net pay per month? (2) What amount does Tom pay monthly in FICA payroll taxes? (3) What is the total payroll tax expense for Sky Company for January Year 1? February Year…
- Sky Company employed Tom Mills in Year 1. Tom earned $5,100 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $130,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $890 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee A: Total Employer Payroll Tax January - $ February- $ March- $ December - $ Assume that instead of $5, 100 per month Tom earned $11,500 per month. Based on this new level of income Tom's new federal income tax withholding is $2,200. What is Tom's net pay? B: Net Pay January to November - $ December - $ C: FICA Payroll Tax January to November - $ December - $ Assume that instead of $5,100 per month Tom earned $11,500 per month. Based on this new level of income Tom's new federal income tax withholding is $2,200. Total Employer Payroll Tax January - $…Jean Michaud pays his two employees $900 and $1,200 per week. Assume a state unemployment tax rate of 5.7% and a federal unemployment tax rate of .6%. What state and federal unemployment taxes will Jean pay at the end of quarter 1 and quarter 2? (Use FUTA/SUTA )Sky Company employed Tom Mills in Year 1. Tom earned $5,900 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $130,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $870 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unemployment tax rate on the first $7,000 of earnings per employee
