Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hello, I am looking for the contributions on FUTA and SUTA taxes. I have two people one with a total gross pay of 8,600 and
Hello, I am looking for the contributions on FUTA and SUTA taxes. I have two people one with a total gross pay of 8,600 and one with a gross pay of 2,856.94. ( not sure if you need net or gross pay) but net pay is 6,917.64 and 2410.89. The company needs to pay federal and state unemployment taxes (FUTA) and (SUTA) on the first $7,000 of wages paid to covered employees.The FUTA rate is 0.6% (0.006) and the SUTA rate is 2.7% (0.027).Note:Only one employee has earned less than $7,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started