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The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If its semimonthly payroll is $133, 320 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes (in S) for the payroll?

The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If its semimonthly payroll is $133, 320 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes (in S) for the payroll?

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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The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If its semimonthly payroll is $133, 320 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes (in $) for the payroll?
Transcribed Image Text:The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If its semimonthly payroll is $133, 320 and none was for payments to employees in excess of the $7,000 wage base, then what are the total FUTA and SUTA taxes (in $) for the payroll?
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