Assuming a SUTA tax rate of 4.2% and a SUTA wage base of $11,000, the SUTA tax owed for an employee who has year-to-date earnings prior to the current period of $9,115, earns $2,100 during the current period, and operates in a state with a credit reduction of 1.2% would be $ .
| Wages taxable for SUTA = 11000-9115= $1885 | |
| SUTA tax owed = 1885*4.2%= $79.17 | |
| Note: Credit reduction does not affect the SUTA rate. | |
Assuming a SUTA tax rate of 4.2% and a SUTA wage base of $11,000, the SUTA...
For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer for each employee for the current pay period: 1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees earn $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $18,500. Employee 1: Employee...
i fugured out SUTA but need help finding the FUTA tax for each
question. my book uses 2017 tax rates. please help show
steps.
1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6.100 and $8.800. During the current pay period, these employees earn $1,380 and $2.360. respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16.500 FUTA tax = $ SUTA...
Calculate employer's
total FUTA and SUTA tax. As TCLH Industries operates in North
Carolina, assume a SUTA tax rate of 1.2% and a taxable earnings
threshold of $23,500. Current period taxable earnings for FUTA and
SUTA taxes are the same as those for FICA taxes. Year-to-date
taxable earnings for FUTA and SUTA taxes, prior to the current pay
period, are as follows:
Zachary Fox: $0
Calvin Bell: $20,478.57
David Alexander: $198,450
Michael Sierra: $117,600
NOTE: For
simplicity, all calculations throughout...
The current FUTA tax rate is 0.6%, and the 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 $2,900 in the current period and had cumulative pay for prior periods of $5,800. What is the amount of unemployment taxes the employer must pay on this employee's wages for the current period? A) 420 B) 0 C) 174 D) 348 E) 72
3. An employer in San Diego, California, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $1,420 and $6,600. During the current pay period, these employees earn $3,350 and $1,700, respectively. The applicable SUTA tax rate is 3%, and the California SUTA threshold is $7,000. FUTA tax = $ SUTA tax = $ 4. An employer in Durham, North Carolina, employs three individuals, whose taxable earnings to date (prior to the current pay period)...
PROBLEM V: PREPARING THE PAYROLL TAX ENTRY (10 Using the information below, determine the amount of the payroll period ending March 31, 20xx. In your answer, list the amount for FICA: SO FUTA, and SUTA. Then, record the payroll "tax" expense journal entry of the em mine the amount of the payroll "tax" expense incurred for Mary Jane's Pies for the T, list the amount for FICA: (Social Security and Medicare), Employee Cumulative Gross Pay (Earnings) Prior to Current Period...
An employee receives an hourly wage rate of $21, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows hours worked, 43; federal income tax withheld, $131; cumulative earnings for the year prior to this week, $24,157; social security tax rate, 6.0 % ; Medicare tax rate, 1.5% state unemployment compensation tax, 3.4 % on the first $7,000; and federal unemployment compensation tax, 0.8 %...
please help!!
An employee receives an hourly wage rate of $17, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $130; cumulative earnings for the year prior to this week, $25,593; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first $7,000; and federal unemployment compensation tax, 0.8% on the...
An employee earned $61,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of employee earnings per calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of total unemployment taxes the employee must...