Advanced Accounting (Looseleaf)
12th Edition
ISBN: 9780077632595
Author: Hoyle
Publisher: MCG
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- i want to answer of this Question of Accounting Subject please solve it fast as posiblearrow_forwardSince the SUTA rates change at the end of each year, the available 2023 rates were used for FUTA and SUTA. Note: For this textbook edition the rate 0.6% was used for the net FUTA tax rate for employers. Example 5-8 1. Iqbal Company of Georgia had a FUTA taxable payroll of $215,600 and a SUTA taxable payroll of $255,700 with a 5.6% SUTA tax rate. The company would pay unemployment taxes of: FUTA $215,600 x 0.006 SUTA $255,700 x 0.056 = $ 1,293.60 = Total taxes 14,319.20 $15,612.80 2. Kresloff Company has only two employees and is located in a state that has set an unemployment tax for the company of 4.8% on the first $12,000 of each employee's earnings. Both employees are paid the same amount each week ($900) and have earned $11,500 up to this week's pay. The unemployment taxes that the company must pay for this week's pay would be $48. FUTA tax (both over $7,000) = $0.00 SUTA tax ($1,000 × 0.048) = = $48.00 ($500 of each employee's pay is under the state taxable limit of $12,000) Qwan…arrow_forwardI need answerarrow_forward
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