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c. Amount of state unemployment contributions for the weekly payroll. $

d. Amount of the net FUTA tax on the payroll. $

e. Total amount of the employer's payroll taxes for the weekly payroll.

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Assignment: ACT 1963 Unit 1 Homework

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Problem 5-14A (Algorithmic)

Note: For this edition, the 2014 federal income tax tables, FICA rates, OASDI rate of 6.2% on wages up to $117,000 and the employee and employer HI rate of 1.45% on all wages was used.

Unless instructed otherwise,click hereto calculate hourly rate and overtime rates.

Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers.

Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop, which has employed the following persons since the beginning of the year:

V. Hoffman (general office worker)	$1,790	per month
A. Drugan (saleswoman)	$16,200	per year
G. Beiter (stock clerk)	$185	per week
S. Egan (deliveryman)	$221	per week
B. Lin (cleaning and maintenance, part-time)	$158	per week

Grady and Monroe are each paid a weekly salary allowance of $952.

The doll shop is located in a state that requires unemployment compensation contributions of employers of one or more individuals. The company is subject to state contributions at a rate of 3.1% for wages not in excess of $8,250.

Compute each of the following amounts based upon the 41st weekly payroll period for the week ending October 10, 2014. Round your intermediate calculations and final answers to the nearest cent. Use rounded answers in subsequent computations. If an amount is zero, enter "0".

b. Amount of the employer's FICA taxes for the weekly payroll.

Taxable payroll	$1288.62
OASDI	$79.89
HI	$18.68

c. Amount of state unemployment contributions for the weekly payroll. $

d. Amount of the net FUTA tax on the payroll. $

e. Total amount of the employer's payroll taxes for the weekly payroll. $

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a.Calculate the employees OASDI and HI, considering the pay period and considering partners salary is not taxed under FICA. b.Calculate employers FICA taxes (OASDI and HI). c.Determine SUTA taxable wages and multiply by SUTA rate. d.Determine FUTA taxable wages and multiply by net FUTA rate. e.Total employers payroll taxes for the pay period.

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