gnature Assight Instructions Payroll Register Taxable Earnings Instructions Continuing Payroll Problem, 5B: Chapter 5 This problem continues the computing and recording employee payroll for the Olney Company for the pay period ending January 8th, 20--. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. These computations are shown in the Employee Payroll Register. Requirements: 1. Compute and record the employee's SUTA contributions, 2. Compute and record the Olney Company's SUTA and FUTA contributions. instructions Taxable Eamings Payroll Register Payroll Register Payroll Register The State Unemployment Tax "Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program. Your tasks now are to compute FUTA and SUTA. Complete the following step: 1. Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay). Note: Round your final answers to nearest cent. ONLE EARNINGS DEDUCTIONS Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Mangino. R $740.00 $45.88 - $10.73 $55.00 $22.72 $7.40 $20.00 Flores. L. 1,058.80 65.65 15.35 88.001 32.51 10.59 50.00 Palmetto, 685.30 42.49 9.94 17.00 21.04 6.85 40.00 Waters, R. 1,045.35 64.81 15.16 53,00 32.09 10.45 60.00 952.00 59.02 13.80 80.00 29.23 9.52 20.00 Kroll, C. Ruppert, 837.50 51.931 12.14 32.00 25.71 8.38 40.00 780.00 Scott W. 48.36 11.31 26.00 23.95 50.00 7.80 Wickman, S. 807.69 50.08 11.71 58.00 24.80 8.08 50.00 1,233.16 Foley, L. 76.46 17.88 80.00 37.86 30.00! 12.33 80.00 1,500.00 Olney, M. 93.00 21.75 106.00 15.00 46.05 Totals $597.68 $139.77 $595.00 $295.96 $96.40 $440.00 Instructions Payroll Register Taxable Earnings Taxable Earnings Taxable Earnings The Federal Unemployment Tax Act (or FUTA) is a United States federal law that imposes a federal employer tax used to help fund state workforce agencies Employers report this tax by filing an annual Form 940 with the internal Revenue Service In the Totals row, complete the following: 1. Net FUTA tax. Since this is the first pay period of the year, none of the employees are near the $7,000 celling; therefore, each employee's grou earnings is subject to the FUTA tax, (The employer rate is 0.6%), 2. SUTA tax. Since Olney Company is a new employer, Pennsylvania has assigned the company a contribution rate of 3.689 on the list $10,000 or each employee's earnings. Note: Round each value to the nearest cent. OLNEY COMPANY, INC. Taxable Earnings Payroll Taxes HI Earnings OASDI FUTA SUTA Totals $597.67 $139.78
