Question
Peroni Company paid wages of $160,100 this year. Of this amount, $114,700 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate
Peroni Company paid wages of $160,100 this year. Of this amount, $114,700 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 3.1% for Peroni Company. Due to cash flow problems, the company did not make any SUTA payments until after the Form 940 filing date. Compute the following; round your answers to the nearest cent.
a. Amount of credit the company would receive against the FUTA tax for its SUTA contributions $________
b. Amount that Peroni Company would pay to the federal government for its FUTA tax $_________
c. Amount that the company lost because of its late payments $__________
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