Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate employer's total FUTA and SUTA tax. As TCLH Industries operates in North Carolina, assume a SUTA tax rate of 1.2% and a taxable earnings

Calculate employer's total FUTA and SUTA tax. As TCLH Industries operates in North Carolina, assume a SUTA tax rate of 1.2% and a taxable earnings threshold of $23,500. Current period taxable earnings for FUTA and SUTA taxes are the same as those for FICA taxes. Year-to-date taxable earnings for FUTA and SUTA taxes, prior to the current pay period, are as follows:

Zachary Fox: $0

image text in transcribed

NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Payroll Register Pay Period 12/16/2018 Pay Date 12/20/2018 Deductions Earnings Overtime Overtime FWT SWT Social Medicare Vol. With. Net Pay Employee Name Regular Hours Regular Rate $28.00 Regular Earnings Overtime Earnings Check Number Hours Total Earnings $1,162.00 Rate Security Fox, Z $1,120.00 $42.00 $42.00 $67.00 $58.10 $72.04 $16.85 $32.00 092 $916.01 NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Payroll Register Pay Period 12/16/2018 Pay Date 12/20/2018 Deductions Earnings Overtime Overtime FWT SWT Social Medicare Vol. With. Net Pay Employee Name Regular Hours Regular Rate $28.00 Regular Earnings Overtime Earnings Check Number Hours Total Earnings $1,162.00 Rate Security Fox, Z $1,120.00 $42.00 $42.00 $67.00 $58.10 $72.04 $16.85 $32.00 092 $916.01

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit In The Mental Health Service

Authors: Firth-Cozens Jenny

1st Edition

0863773117, 978-0863773112

More Books

Students also viewed these Accounting questions