Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the available 2018 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
The Iqbal Company of Georgia had a FUTA taxable payroll of $215,600 and a SUTA taxable payroll of $255,700 with a 5.6 percent SUTA tax rate. The company would pay unemployment taxes of:
| FUTA $215,600 × 0.006 | = | $1,293.60 |
| SUTA $255,700 × 0.056 | = | 14,319.20 |
| Total taxes | $15,612.80 |
Kresloff Company has only two employees and is located in a
state that has set an unemployment tax for the company of 4.8
percent 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)
In September 2019, Manson Paint Corporation began operations in a state that requires new employers of one or more individuals to pay a state unemployment tax of 3.5% of the first $7,000 of wages paid each employee.
An analysis of the company's payroll for the year shows total wages paid of $171,180. The salaries of the president and the vice president of the company were $20,100 and $15,800, respectively, for the four-month period, but there were no other employees who received wages in excess of $7,000 for the four months. Included in the total wages were $880 paid to a director who only attended director meetings during the year, $6,010 paid to the factory superintendent, and $2,030 in employee contributions to a cafeteria plan made on a pretax basis-for both federal and state.
In addition to the total wages of $171,180, a payment of $2,570 was made to Andersen Accounting Company for an audit it performed on the company's books in December 2019. Compute the following; round your answers to the nearest cent.
| a. Net FUTA tax | $ |
| b. SUTA tax | $ |
In: Accounting
Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the available 2017 rates were used for FUTA and SUTA.
Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers.
Example 5-1
Parlone Company has paid wages of $4,000 to an employee in State A. During the year, the employee is transferred to State B, which has a $7,000 taxable salary limitation for its state unemployment tax. The company has a credit of $4,000 against this $7,000 limit. Thus, the company has to pay State B's unemployment tax on only the next $3,000 of wages earned by that worker in State B during the remainder of the calendar year.
In April of the current year, Freeman Steel Company transferred Herb Porter from its factory in Nebraska to its plant in Ohio. The company's SUTA tax rates based on its experience ratings are 3.2% in Nebraska and 3.8% in Ohio. Both states base the tax on the first $9,000 of each employee's earnings. This year, Freeman Steel Company paid Herb Porter wages of $19,500; $3,000 were paid in Nebraska and the remainder in Ohio. Compute the following: round your answers to the nearest cent.
a.
Amount of SUTA tax the company must pay to Nebraska on Porter's
wages
$________
b.
Amount of SUTA tax the company must pay to Ohio on Porter's
wages
$________
c.
Amount of the net FUTA tax on Porter's wages
$_________
In: Accounting
Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the available 2018 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 5-1
Parlone Company has paid wages of $4,000 to an employee in State A. During the year, the employee is transferred to State B, which has a $7,000 taxable salary limitation for its state unemployment tax. The company has a credit of $4,000 against this $7,000 limit. Thus, the company has to pay State B's unemployment tax on only the next $3,000 of wages earned by that worker in State B during the remainder of the calendar year.
In April of the current year, Freeman Steel Company transferred Herb Porter from its factory in Nebraska to its plant in Michigan. The company's SUTA tax rates based on its experience ratings are 3.2% in Nebraska and 3.8% in Michigan. Both states base the tax on the first $9,000 of each employee's earnings. This year, Freeman Steel Company paid Herb Porter wages of $20,900; $2,800 were paid in Nebraska and the remainder in Michigan. Compute the following:
Round your answers to the nearest cent.
a. Amount of SUTA tax the company must pay to
Nebraska on Porter's wages
$
b. Amount of SUTA tax the company must pay to
Michigan on Porter's wages
$
c. Amount of the net FUTA tax on Porter's
wages
$
In: Accounting
Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the available 2017 rates were used for FUTA and SUTA. Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers. Example 5-10 Applebaum Security Company is located in State H, which enables employers to reduce their contribution rates under the experience-rating system. From 2004 to 2013, inclusive, the company's total contributions to state unemployment compensation amounted to $18,135. For the calendar years 2014 to 2017, inclusive, the contribution rate for Applebaum was 3.7%. The contributions of each employer are credited to an account maintained by the State Unemployment Compensation Commission. This account is credited with contributions paid into the account by the employer and is charged with unemployment benefits that are paid from the account. Starting January 1, 2018, the contributions rate for all employers in State H will be based on the following tax-rate schedule:
| Reserve Ratio | Contribution Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contributions falling below benefits paid | 7.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 0.0% to 7.9% | 5.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 8.0% to 9.9% | 4.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 10.0% to 11.9% | 3.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 12.0% to 14.9% | 2.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 15.0% or |
1.5% The annual payroll for calculation purposes is the total wages payable during a 12-month period ending with the last day of the third quarter of any calendar year. The average annual payroll is the average of the last three annual payrolls. The SUTA tax rate for the year is computed using the information available (benefits received and taxes paid) as of September 30 of the preceding year. The schedule below shows the total payroll and the taxable payroll for the calendar years 2014 to 2017.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In: Accounting
What is the future value of a 5 year investment of $3000 at an APR of 7% compounded monthly?
In: Statistics and Probability
Which of the following determines a partnership tax year for a partnership in which there is neither a 50-percent-or-greater partner nor a majority of partners with a 5-percent-or-greater interest with the same tax year? A. Mathematical Aggregate Method B. Minimized Deferral Approach C. Least Aggregate Deferral Method D. Minimal Deferral Process
In: Accounting
Write a program which prompts the user for the year of their birth, and which
then calculates their age (ignoring the month/day). Split the program into
`main`, a "prompt for year" function which tests to make sure the user's
input is a valid year, and a "calculate age" function which performs the
actual calculation. (You can assume the current year is 2017.)
for my intro to c++ class
In: Computer Science
Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the available 2017 rates were used for FUTA and SUTA.
Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers.
Example 5-4
| Total taxable earnings | $49,290.00 | |
| Net rate of tax (6.0% − 5.4%) | × 0.6% | |
| Amount of net FUTA tax | $295.74 |
Donner Company began its operations in September of the current year. During September, the company paid wages of $23,400. For the last quarter of the year, the taxable wages paid amounted to $64,700. None of the employees was paid more than $7,000 this year.
a. Is Donner Company liable for FUTA tax this
year?
b. If your answer to part a above is "Yes",
what is the net FUTA tax for the year?
Round your answer to the nearest cent.
$
In: Accounting
The year is 2020 and the Conference of the Parties (COP26) is taking place in Beijing. Nations have finally conceded that it is no longer feasible to limit global temperature rise to 2°C by means of existing approaches based on mitigation. An alternative response to global warming is needed and three options are being discussed:
Adaptation
Geoengineering based on carbon dioxide removal
Geoengineering based on solar radiation management
Which of these do you believe should be given priority? Justify your answer.
PLEASE DO IT IN COMPUTER
In: Mechanical Engineering
A school that opened with 1500 students in the year 2000 was expected to grow at a rate of p'(t)= 150/ √(1+.2t), where p(t) represents the total school population t years after 2000. What was the expected enrollment in 2005.
I got p(t) to be 1500√u and I can't find out how to get C. If someone could make sure I have the right p(t) and explain how to get C, that would be great.
In: Math