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Pharoah Co. has a taxable payroll of $1320000. The company is subject to FUTA tax of 6.2% that includes a state contribution rate of 5.4%. However, because of its low employee turnover, it has been granted a reduction in the state rate to 2%. The total amount of federal and state unemployment tax for Pharoah Co. pay is $36960 $81840 ง $39600 $153120

Pharoah Co. has a taxable payroll of $1320000. The company is subject to FUTA tax of 6.2% that includes a state contribution rate of 5.4%. However, because of its low employee turnover, it has been granted a reduction in the state rate to 2%. The total amount of federal and state unemployment tax for Pharoah Co. pay is $36960 $81840 ง $39600 $153120

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pharoah Co. has a taxable payroll of $1320000. The company is subject to FUTA tax of 6.2% that includes a state contribution rate of 5.4%. However, because of its low employee turnover, it has been granted a reduction in the state rate to 2%. The total amount of federal and state unemployment tax for Pharoah Co. pay is $36960 $81840 $39600 $153120 ง
Transcribed Image Text:Pharoah Co. has a taxable payroll of $1320000. The company is subject to FUTA tax of 6.2% that includes a state contribution rate of 5.4%. However, because of its low employee turnover, it has been granted a reduction in the state rate to 2%. The total amount of federal and state unemployment tax for Pharoah Co. pay is $36960 $81840 $39600 $153120 ง
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