Peyton Company's payroll for the year is $739,020. Of this amount, $464,090 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Peyton Company's payroll for the year is $739,020. Of this amount, $464,090 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Peyton Company's payroll for the year is $739,020. Of this amount, $464,090 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings.
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Required:
Compute:
a. Net FUTA tax
b. Net SUTA tax
c. Total
Round your answers to the nearest cent.
| a. Net FUTA tax | $fill in the blank 2 | |
| b. Net SUTA tax | fill in the blank 3 | |
| c. Total unemployment taxes | $fill in the blank 4 |
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