Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chapter 5 eBook Show Me How Print Item Since the SUTA rates changes are made at the end of each year, the available 2021 rates

image text in transcribed

Chapter 5 eBook 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 59,500) 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, Chang, Inc., is required to pay unemployment taxes on its payroll as follows: 1. Under SUTA for New Mexico on taxable payroll of $28,000, the contribution rate is 3.9%. 2. Under SUTA for Colorado on taxable payroll of $23,000, the contribution rate is 7.15%. 3. Under SUTA for Utah on taxable payroll of $65,000, the contribution rate is 4.1%. 4. Under FUTA, the taxable payroll is $94,500. Compute the following; round your answers to the nearest cent. a. SUTA taxes paid to New Mexico b. SUTA taxes paid to Colorado C. SUTA taxes paid to Utah d. FUTA taxes paid Check My Work Previous Next Assignment Score: 41.36% 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 Accounting The Basics

Authors: Ilias Basioudis

1st Edition

1138605514, 9781138605510

More Books

Students also viewed these Accounting questions