The following unemployment tax rate schedule is in effect for the calendar year 2018 in State A,
Question:
The following unemployment tax rate schedule is in effect for the calendar year 2018 in State A, which uses the reserve-ratio formula in determining employer contributions:
Hyram Company, which is located in State A, had an average annual payroll of $850,000 for the three 12-month periods ending on June 30, 2017 (the computation date for the tax year 2018). As of June 30, 2017, the total contributions that had been made to Hyram Company’s reserve account, in excess of the benefits charged, amounted to $17,440. Compute:
Transcribed Image Text:
Contribution Rate Rcscrve Ratio 0.0% or more, but less than 1.0% 1.0% or more, but less than 1.2% 1.2% or more, but less than 1.4% 1.4% or more, but less than 1.6% 1.6% or more, but less than 1.8% 1.8% or more, but less than 2.0% 2.0% or more, but less than 2.2% 2.2% or more, but less than 2.4% 2.4% or more, but less than 2.6% 2.6% or more, but less than 2.8% 2.8% or more, but less than 3.0% 3.0% or more, but less than 3.2%. 3.2% or morc ... 6.7% 6.4% 6.1% 5.8% 5.5% 5.2% 4.9% 4.6% 4.3% 4.0% 3.7% 3.4% .... 3.1% **... a. Hyram Company's rescrve ratio for 2017 b. 2018 contribution rate for the company c. Smallest contribution that the company can make in order to reduce its tax rate if State A permits voluntary contributions.. d. Tax savings realized by the company, taking into consideration the voluntary contribution made in (c) if the taxable payroll in 2018 is $980,000.. tel
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (5 reviews)
a 17440 850000 205 b 49 c Balance needed to qualify for 46 rate 850000 0022 18700 ...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
As of June 30, 2017 (the computation date for the 2018 tax rate), Sanchez Company had a negative balance of $1,190 in its unemployment reserve account in State A. The companys average payroll over...
-
In 2017: a. Which state had the widest range of SUTA tax rates for employers? b. Which state paid the highest weekly maximum benefit (excluding dependency allowances) to qualified unemployed workers?...
-
Describe the various types of mortgage payment frequencies that are available. Which mortgage payment frequencies allow you to pay off your mortgage quickly?
-
Consider a symmetric oligopoly in which firms technologies satisfy assumption 5.1. Assume that firms get part of the tax revenues refunded, according to their market shares. The refund share is 0 A...
-
Two n-digit integers (leading zeros allowed) are considered equivalent if one is a rearrangement of the other. (For example, 12033, 20331, and 01332 are considered equivalent five-digit integers.)...
-
Phoenix Partners provides management consulting services to government and corporate clients. Phoenix has two support departmentsadministrative services (AS) and information systems (IS)and two...
-
Purina entered in a contract with the defendant to sell the defendant piglets, known as weanlingsbaby pigs that have been weaned. It is uncontested that the buyer breached and that Purina is entitled...
-
Arquitectos Interiores of Juarez, Mexico, is contemplating a major change in its cost structure. Currently, all of its drafting work is performed by skilled draftsmen. Alfonso Jiminez, Arquitectos...
-
7. 5 What is 11. as an improper fraction? 16 Answer: 17 9 - 8. Which is the difference of 32 32 in lowest terms? 9 18 1 8 32 1 9. 8 5 3 + Which is the quotient of 12 10? 1 18 1 10. What is 25 as a...
-
1. Mr. Albert has a piece of property he has used in his business for 25 years. He is moving his business across the country and needs to get rid of the real estate he currently owns, as he won't be...
-
During 2018, Jordan Company was subject to the Alaska state unemployment tax of 4.2%. The companys taxable wages for FUTA were $86,700 and for SUTA, $171,000. Compute: a. SUTA tax that Jordan Company...
-
Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year: V. Hoffman (general office...
-
A bond has a market price that exceeds its face value. Which of the following features currently apply to this bond?? I. discounted price? II. premium price? III. yield-to-maturity that exceeds the...
-
Differentiate Si yasinxcosx
-
What considerations should be taken into account when developing a comprehensive patch testing methodology, balancing the need for thorough validation with the imperative to minimize service...
-
A cleaning business employs and pays individuals as contractors. How should the business report payments that have been made to these contractors to the ATO?When is the report due and what methods of...
-
in a 'push' for promotional strategy, information flow occurs in the following order: a . . producer, wholesaler, retailer, consumer b . . producer, retailer, agent, consumer c . . consumer,...
-
Write a brief description of loan management and credit analysis and discuss the background information associated with the problems that need to be solved. Identify project goals and the underlying...
-
Visit the Product Development and Management Association's Web site (www.pdma.org) to learn about this organization. Click on "OCI Award" in the "About PDMA" dropdown menu. Describe this award and...
-
What mass of H2 will be produced when 122 g of Zn are reacted? Zn(s) + 2HCl(aq) ( ZnCl2(aq) + H2(g)
-
What arguments could be made for raising the upper limits of the SUTA tax rates?
-
As a way of curbing the unemployment rate, California has a "shared-work compensation" program. Under this program, a company faced with a layoff of its workers may place its entire workforce on a...
-
Peroni Company paid wages of $170,900 this year. Of this amount, $114,000 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 3.1% for Peroni Company. Due to cash flow...
-
As part of a lawsuit settlement, a major corporation offers you $75,000 today or $100,000 next year. Which do you choose if interest rates are 5 percent? If they are 15 percent?
-
How do ethical frameworks such as deontology, consequentialism, and virtue ethics inform decision-making in complex socio-technological environments?
-
What circumstances would cause a company to make a CVP analysis If you owned a small business would you prefer variable costing or absorption costing and why Explain, with an example, a constrained...
Study smarter with the SolutionInn App