Mastery Assessment - Module 5 Based on the module assignments and readings, please complete the following mastery assignment Part I Theory: Using a minimum of a paragraph on each item, thoroughly answer the following: 1. Describe the basic requirements for an individual to be classified as an employer or an employee under the Federal Unemployment Tax Act. 2. Identify generally what is defined as taxable wages by the Federal Unemployment Tax Act. a. Describe how an experience-rating system is used in determining employers' contributions to state unemployment compensation funds. 4. Describe the types of information reports under the various state unemployment compensation laws. 5. How does the Federal Unemployment Tax Act affect your place of work or prospective career? Part II Calculations: Instructions: Make sure that you use the FUTA tax rate of 0.6% on the first $7000 of taxable wages. 6. Truson Company paid a 4% SUTA tax on the taxable wages of $108.500. The taxable wages under FUTA were $89,400. What was the net FUTA tax of Truson Company? Round your answer to the nearest cent. Put your answer in the form of 1800.25 - do not use dollar signs or commas. 7. Jason Jeffries earned $10,200 while working for Brown Company. The company's SUTA tax rate is 2.9% of the first $7,000 of each employee's earnings. Compute the total unemployment taxes (SUTA and FUTA) that Brown Company should pay on Jeffries' earnings. Round your answer to the nearest cent. Put your answer in the form of 1800.25 - do not use dollar signs or commas. 8. Fred Stone is an employee of Henrock Company. During the first part of the year, Stone carned $4,340 while working in State Q. For the remainder of the year, the company transferred him to State S where he earned $27,000. Henrock Company's tax rate in State Q is 4.6%, and in State 5, 4.0%, both on the first $7,000. If reciprocal arrangements exist between the two states, determine the SUTA tax that the company paid on Stone's earnings in State S. Round your answer to the nearest cent. Put your answer in the form of 1800.25 - do not use dollar signs or commas. 9. Stys Company's payroll for the year is $1,210,930. Of this amount, $510,710 is for wages paid in excess of $7,000 to each individual employee. The SUTA tax rate for the company is 3.2% on the first $7,000 of each employee's earnings. What is the amount of FUTA tax for the year? Round your answer to the nearest cent. Put your answer in the form of 1800.25 - do not use dollar signs or commas. 10. Stys Company's payroll for the year is $1,210,930. Of this amount, $510,710 is for wages paid in excess of $7,000 to each individual employee. The SUTA tax rate for the company is 3.2% on the first $7,000 of each employee's carnings. What is the amount of SUTA tax for the year? Round your answer to the nearest cent. Put your answer in the form of 1800.25 - do not use dollar signs or commas