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can anyone help me with this please. I tried my self but its very hard so i will appreciated if anyone can assist me with
can anyone help me with this please. I tried my self but its very hard so i will appreciated if anyone can assist me with those three questions. Thanks
Q1 During 2016, Jake Gore worked for two different employers. Until May, he worked for Wonderman Construction Company in Kansas City, Kansas, and earned $21,500. The state unemployment rate for Wonderman is 4.6%. He then changed jobs and worked for Buxmont Improvement Company in Mobile, Alabama, and earned $33,100 for the rest of the year. The state unemployment rate for Buxmont is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by each company. Round your answers to the nearest cent. a. Wonderman Construction Company b. Buxmont Improvement Company $ $ Feedback a. (FUTA taxable payroll times net FUTA rate) + (SUTA taxable payroll times SUTA rate) = Total unemployment taxes b. (FUTA taxable payroll times net FUTA rate) + (SUTA taxable payroll times SUTA rate) = Total unemployment taxes. Q2 In April of the current year, Steelman Press Company transferred Ken Sherm from its factory in Louisiana to its plant in Florida. The company's SUTA tax rates based on its experience ratings are 3.2% in Louisiana and 3.8% in Florida. The taxable wage limits are $7,700 in Louisiana and $7,000 in Florida. This year, Steelman Press Company paid Ken Sherm wages of $14,190; $4,950 were paid in Louisiana and the remainder in Florida. Compute the following; round your answers to the nearest cent. a. Amount of SUTA tax the company must pay to Louisiana on Sherm's wages $ b. Amount of SUTA tax the company must pay to Florida on Sherm's wages $ c. Amount of the net FUTA tax on Sherm's wages $ Feedback a. SUTA Taxable payroll times SUTA rate b. SUTA Taxable payroll times SUTA rate c. Multiply taxable FUTA payroll times net FUTA rate; add Taxable wages (in credit reduction state) times credit reduction rate = Net FUTA tax Q3 Roofling Company paid wages of $319,600 this year. Of this amount, $193,900 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 4.3% for Roofling Company. Due to cash flow problems, the company did not make any SUTA payments until after the Form 940 filing date. Compute the following; round your answers to the nearest cent. a. Amount of credit the company would receive against the FUTA tax for its SUTA contributions $ b. Amount that Roofling Company would pay to the federal government for its FUTA tax $ c. Amount that the company lost because of its late payments $ Feedback a. (Taxable wages x SUTA rate x 90%)-[Taxable wages x (5.4% -SUTA rate)] = Total FUTA tax credit b. (Taxable wages x FUTA rate) - Total FUTA tax credit (part a above) = Net FUTA tax c. Net FUTA tax - FUTA tax without penalty = penaltyStep by Step Solution
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