Question
1. Assume the FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. Both taxes applied to the first $7000 of an employees
1. Assume the FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. Both taxes applied to the first $7000 of an employees pay. What is the total unemployment tax an EMPLOYEE must pay on annual wages of $40,000?
2. A company sold 10,000 TVs in July and estimated warranty expense for these TVs to be $25,000. During July, 80 TVs were serviced under warranty at a cost of $18,000. The credit balance in the Estimated Warranty Liability account at July 1 was $26,000. What is the companys warranty expense for the month of July? a. $51,000 c. $25,000 e. $18,000 b. $1,000 d. $33,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started