The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner) S. Kludlow (partner) N. Perry (supervisor) T. Lee (factory worker) R. Rolf (factory worker) D. Broch (factory worker) S. Ruiz (bookkeeper) C. Rudolph (maintenance) $85,000 75,000 53,000 34,600 29,800 In addition, the partnership owed $200 to Rudolph for work he performed during December. However, payment for this work will not be made until J 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 616.8 X b. SUTA tax for this year 2,796.6 X 6,900 25,400 5,100
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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