SUTA $255,700 x 0.056 14,319.20 Total taxes $15,612.80 2. Kresloff Company has only two employees and is located in a state that has set an unemployment tax for the company of 4.8 percent on the first $12,000 of each employee's earnings. Both employees are paid the same amount each week ($900) and have earned $11,500 up to this week's pay. The unemployment taxes that the company must pay for this week's pay would be $48. FUTA tax (both over $7,000) = $0.00 SUTA tax ($1,000 x 0.048) = $48.00 ($500 of each employee's pay is under the state taxable limit of $12,000) Hinsky Company was subject to the Alaska state unemployment tax of 4.2%. The company's taxable wages for FUTA were $86,000 and for SUTA, $197,000. Compute the following; round your answers to the nearest cent. a. SUTA tax that Hinsky Company would pay to the state of Alaska $ 8,274 b. Net FUTA tax S 516 C. Amount of employees' unemployment tax (use the employee's tax rate shown in Figure 5.1) 218 Check My Work 1 more Check My Work uses remaining. Previous Next > SUTA $255,700 x 0.056 = 14,319.20 Total taxes $15,612.80 2. Kresloff Company has only two employees and is located in a state that has set an unemployment tax for the company of 4.8 percent on the first $12,000 of each employee's earnings. Both employees are paid the same amount each week ($900) and have earned $11,500 up to this week's pay. The unemployment taxes that the company must pay for this week's pay would be $48. = FUTA tax (both over $7,000) = $0.00 SUTA tax ($1,000 x 0.048) = $48.00 (5500 of each employee's pay is under the state taxable limit of $12,000) Hinsky Company was subject to the Alaska state unemployment tax of 4.2%. The company's taxable wages for FUTA were $86,000 and for SUTA, $197, round your answers to the nearest cent. a. SUTA tax that Hinsky Company would pay to the state of Alaska 8,274 b. Net FUTA tax S 516 c. Amount of employees' unemployment tax (use the employee's tax rate shown in Figure 5.1) 218 Check My Work 1 more Check My Work uses remaining. aska state unemployment tax of 4.2%. The company's taxable wages for FUTA were $86,000 and for SUTA, $197,000. Compute the following; cent. uld pay to the state of Alaska nt tax (use the employee's tax rate shown in Figure 5.1) emaining. Previous Next > Hinsky Company was subject to the Alaska state unemployment tax of 4.2%. The company's taxable wages for FUTA W round your answers to the nearest cent. a. SUTA tax that Hinsky Company would pay to the state of Alaska 8,274 $ b. Net FUTA tax $ 516 c. Amount of en ees' unemployment tax (use the employee's tax rate shown in Figure 5.1) 218 x Check My Work 1 more Check My Work uses remaining. FIGURE 5.1 Summary of State Unemployment Compensation Laws (2021) Warning: The provisions of the state laws are subject to change at any time. Benefits (Excluding dependency allowances) Min. Max. per Duration Week (weeks) State payroll) Waiting Max. Period per (weeks) Week none $265 ALABAMA $45 26 ALASKA any time 1 370 56 26 ARIZONA Size of Firm Contributions (On first $7,000 unless (One employee otherwise indicated) in specified time and/or size of Employer Min.-Max. Employee 20 weeks 0.65%-6.8% on first $8,000 1.0%-5.4% on first $43,600 0.5% on first $43,600 20 weeks 0.08%-20.6%** 10 days 0.1% 14% on first $10,000 over $100 in any 1.5% 6.2% 1.2% on first $128,298 calendar quarter 0.71% 9.64% on first $13,600** -20 weeks 1.9% 6.8% on first $15,000 20 weeks 0.3%-8.2% on first $18,500 1.6%-7.0% on first $9,000 1 240 60 26 ARKANSAS 1 451 81 26 CALIFORNIA 1 450 40 25 any time 552 25 26 COLORADO CONNECTICUT none 631 15 26 DELAWARE none 400 20 26 any time 1 444 50 DISTRICT OF COLUMBIA 26 FLORIDA 1 275 32 23 20 weeks 20 weeks 0.29%-5.4% 0.04%7.56% on first $9,500** GEORGIA none 365 55 26 HAWATT any time. 000660% on first $47 400 n 50% of maximum real- 648 26. FIGURE 5.1 Summary of State Unemployment Compensation Laws (2021) Warning: The provisions of the state laws are subject to change at any time. Benefits (Excluding dependency allowances) Waiting Max. Period per (weeks) Week State Min. Max. per Duration Week (weeks) $45 26 ALABAMA none $265 ALASKA any time 1 370 56 26 ARIZONA Size of Firm Contributions (On first $7,000 unless (One employee otherwise indicated) in specified time and/or size of payroll!) Employer Min.-Max. Employee 20 weeks 0.65%-6.8% on first $8,000 1.0%-5.4% on first $43,600 0.5% on first $43,600 20 weeks 0.08%-20.6%** 0.1%-14% on first $10,000 over $100 in any 1.5% 6.2% 1.2% on first $128,298 calendar quarter 0.71%-9.64% on first $13,600** 20 weeks 1.9%-6.8% on first $15,000 20 weeks 0.3%-8.2% on first $18,500 1.6%7.0% on first $9,000 1 240 60 26 10 days 1 451 81 26 ARKANSAS CALIFORNIA 1 450 40 25 any time i 552 25 26 none 631 15 26 COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA none 400 20 26 any time 1 444 50 26 FLORIDA 275 32 23 20 weeks 20 weeks GEORGIA 0.29%-5.4% 0.04%-7.56% on first $9,500** 0.0%-6.6% on first $47,400 none 365 55 26 IAWAII any time 0.5% of maximum weekly wages of S110290 not to 1 648 5 26 Since the SUTA rates changes are made at the end of each year, the available 2021 rates were used for FUTA and SUTA, Note: For this textbook edition the rate 0.6V was used for the net FUTA tax rate for employers. Example 5-8 1. The Iqbal Company of Georgia had a FUTA taxable payroll of $215,600 and a SUTA taxable payroll of $255,700 with a 5.6 percent SUTA tax rate. The company would pay unemployment taxes of: FUTA $215,600 X 0.006 $ 1,293.60 SUTA $255,700 x 0.056 14,319.20 Total taxes $15,612.80 2. Kresloff Company has only two employees and is located in a state hat has set an unemployment tax for the company of 4.8 percent on the first $12,000 of each employee's earnings. Both employees are paid the same amount each week ($900) and have earned $11,500 up to this week's pay. The unemployment taxes that the company must pay for this week's pay would be $48. FUTA tax (both over $7,000) = $0.00 SUTA tax ($1,000 x 0.048) = $48.00 ($500 of each employee's pay is under the state taxable limit of $12,000) Hinsky Company was subject to the Alaska state unemployment tax of 4.2%. The company's taxable wages for FUTA were $86,000 and for SUTA, $197,000. Compute the following; round your answers to the nearest cent. a. SUTA tax that Hinsky Company would pay to the state of Alaska 8,274