Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chapter 5 eBook E Show Me How Print Item ? Since the SUTA rates changes are made at the end of each year, the available

image text in transcribed

Chapter 5 eBook E Show Me How Print Item ? Since the SUTA rates changes are made at the end of each year, the available 2021 rates were used for FUTA and SUTA. Note: For this textbook edition the rate 0.6% was used for the net FUTA tax rate for employers. Example 5-7 Shu Company located in Georgia had FUTA taxable wages of $130,000 and SUTA taxable wages (on first $9,500) were $210,000 with a 0.9 percent SUTA tax rate. The total unemployment taxes that Shu Company is liable for are: FUTA tax- $130,000 x 0.6% $ 780 SUTA tax - $210,000 x 0.9% 1,890 Total unemployment taxes $2,670 Due to its experience rating, Ianelli, Inc., is required to pay unemployment taxes on its payroll as follows: 1. Under SUTA for Massachusetts on taxable payroll of $18,000, the contribution rate is 4%. 2. Under SUTA for New Hampshire on taxable payroll of $24,000, the contribution rate is 6.65%. 3. Under SUTA for Maine on taxable payroll of 579,000, the contribution rate is 2.9%. 4. Under FUTA, the taxable payroll is $103,500. Compute the following: a. SUTA taxes paid to Massachusetts SI b. SUTA taxes paid to New Hampshire s C. SUTA taxes paid to Maine si d. FUTA taxes paid Check My Work Previous Next Assignment Score: 50-99% All work saved. Email Instructor Save and Exit Submit Assignment for Grading

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

Financial & Managerial Accounting

Authors: Carl S. Warren

10th Edition

0324663811, 9780324663815

More Books

Students also viewed these Accounting questions