For each of the described pay periods, determine the taxable earnings subject to FUTA tax: NOTE:...

For each of the described pay periods, determine the taxable earnings subject to FUTA tax:

NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.

A business employs two individuals, whose taxable earnings to date (prior to the current pay period) are $3,000 and $31,400. During the current pay period, these employees earn $3,300 and $1,450, respectively. Taxable earnings subject to FUTA tax:

Expert Solution

jeff jeffy answered 8 months ago

Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. ...

Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. a. Complete Part 2 of Form 940 based on the following information: Total payroll for the year $913,590 Payroll to employees in excess of $7,000 $421,930 Employer contributions into employees' 401(k) plans $23,710 Source: Internal Revenue Service b. If the employer is located in California, which has a credit reduction of 1.5%, what would be the amount of the credit reduction?...

Under the Federal Unemployment Tax Act (FUTA), pay taxes to the , which deposit the...

Under the Federal Unemployment Tax Act (FUTA), __________ pay taxes to the __________, which deposit the money into the __________ government’s Unemployment Insurance Fund. Multiple Choice employees, states, federal employers, states, federal employees, federal government, state employers, federal government, state

For each of the following employees, calculate the Medicare tax for the weekly pay period described:...

For each of the following employees, calculate the Medicare tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Mark Dailey's filing status is Married Filing Jointly, and he has earned gross pay of $3,450. Each period he makes a 403(b) contribution of 9% of gross pay. His current year taxable earnings for Medicare tax, to date, are $312,500. Total...

For each of the following employees, calculate the Medicare tax for the weekly pay period described:...

For each of the following employees, calculate the Medicare tax for the weekly pay period described: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1:Paul Robinson's filing status is married filing jointly, and he has earned gross pay of $2,700. Each period he makes a 403(b) contribution of 7% of gross pay . His current year taxable earnings for Medicare tax, to date, are $268,000. Total...

How does one find the earnings to subject tax?

For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by...

For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1:An employer in The U.S. Virgin Islands employs two individuals, whose taxable earnings to date (prior to the current pay period) are $5,100 and $6,900. During the current pay period, these employees earn $1,650 and $2,800, respectively. The applicable SUTA...

For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income...

For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1:An employee works 47 hours (47 - 40 were overtime hours) during a workweek in December of 2017. He earns $39/hour, with his employer paying 1.5 times the regular rate of pay for overtime...

For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income...

For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1:An employee works 42 hours (42 - 40 were overtime hours) during a workweek in December of 2017. He earns $40.50/hour, with his employer paying 1.5 times the regular rate of pay for overtime...

For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income...

For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1:An employee works 45 hours (45 - 40 were overtime hours) during a workweek in October of 2017. The employee earns $45/hour, with his employer paying 1.5 times the regular rate of pay for...

‘Income tax shall be paid on taxable income times tax rate. It makes sense to pay...

‘Income tax shall be paid on taxable income times tax rate. It makes sense to pay income tax for current year, but we should not be asked to account for deferred tax assets and liabilities’. Do you agree with this statement? Discuss your arguments.

Question

For each of the described pay periods, determine the taxable earnings subject to FUTA tax: NOTE:...

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