The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $2,960 in the current period and had cumulative pay for prior periods of $5,920. What is the amount of unemployment taxes the employer must pay on this employee's wages for the current period? Multiple Choice ○ $420.00. ○ $355.20. ○ $64.80. О о $177.60. $0.00.

The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $2,960 in the current period and had cumulative pay for prior periods of $5,920. What is the amount of unemployment taxes the employer must pay on this employee's wages for the current period? Multiple Choice ○ $420.00. ○ $355.20. ○ $64.80. О о $177.60. $0.00.

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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