Net FUTA tax for the partnership for this year $fill in the blank 1 b.  SUTA tax for this year $fill in the blank 2

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Since the SUTA rates changes are made at the end of each year, the available 2019 rates were used for FUTA and SUTA.

Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers.

 

The partnership of Keenan and Kludlow paid the following wages during this year:

M. Keenan (partner) $110,000
S. Kludlow (partner) 98,000
N. Perry (supervisor) 55,400
T. Lee (factory worker) 36,700
R. Rolf (factory worker) 26,100
D. Broch (factory worker) 6,300
S. Ruiz (bookkeeper) 25,300
C. Rudolph (maintenance) 5,100

In addition, the partnership owed $200 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following:

Round your answers to the nearest cent.

a.  Net FUTA tax for the partnership for this year
$fill in the blank 1

b.  SUTA tax for this year
$fill in the blank 2

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