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Problem 2 (20 points) ABC Company employs the following individuals: A. Dotson (President) $100,000 Annual T. Smith (Vice-President) $5,000 Monthly S. Johnson (Sales) $2,000 Semi-Monthly
Problem 2 (20 points) ABC Company employs the following individuals: A. Dotson (President) $100,000 Annual T. Smith (Vice-President) $5,000 Monthly S. Johnson (Sales) $2,000 Semi-Monthly D. Grady (Sales) $1,000 Weekly S. Smith (Clerk) $500 Bi-Weekly The company is required to contribute 0.8% on the first $7,000 for each employee for FUTA Taxes, and 3.5% on the first $8.000 for each employee for SUTA Taxes. Calculate the total amount for FUTA and SUTA Taxes for the Feb. 14 Semi-Monthly pay period. (Third Semi-Monthly Pay Period of the Year.)
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