10:42 Problem 11.4A Computing and recording unemployment taxes; completing Form 940. Objectives 11-6 , 11-72 Certain transactions and procedures relating to federal and state unemployment taxes follow for Fancy Nancy LLC, a retail store owned by Nancy Roberts. The firm's address is 2007 Trendsetter Lane, Dallas, TX 75268-0967. The firm's phone number is 972-456- 1200.The employer's federal and state identification numbers are 75-9462315 and 37-9462315, respectively. Carry out the procedures as instructed in each of the following steps. INSTRUCTIONS 1. Compute the state unemployment insurance tax owed on the employees' wages for the quarter ended March 31, 2019. This information will be shown on the employer's quarterly report to the state agency that collects SUTA tax. The employer has recorded the tax on each payroll date. Although the state charges a 5.4 percent INSTRUCTIONS 1. Compute the state unemployment insurance tax owed on the employees' wages for the quarter ended March 31, 2019. This information will be shown on the employer's quarterly report to the state agency that collects SUTA tax. The employer has recorded the tax on each payroll date. Although the state charges a 5.4 percent unemployment tax rate, Fancy Nancy LLC's rate is only 1.7 percent because of its experience rating. The employee earnings for the first quarter are shown below. All earnings are subject to SUTA tax. Name of Employee Total Earnings Terri Roma $ 5,500 Jo Guyton 4,050 Gloria Bermudez 4,800 Susie Scott 5,600 Anita Thomas 4,550 Terri Wong 3.000 $27,500 Total 2. On April 30, 2019, the firm issued a check to recorded the tax on each payroll date. Although the state charges a 5.4 percent unemployment tax rate, Fancy Nancy LLC's rate is only 1.7 percent because of its experience rating. The employee earnings for the first quarter are shown below. All earnings are subject to SUTA tax. Name of Employee Total Earnings Terri Roma $ 5,500 Jo Guyton 4,050 Gloria Bermudez 4,800 Susie Scott 5,600 Anita Thomas 4,550 Terri Wong 3,000 Total $27,500 2. On April 30, 2019, the firm issued a check to the state employment commission for the amount computed above. In general journal form, record the issuance of the check. Use journal page 82. Analyze: Why is the business experience rating important with regard to the state unemployment tax rate