Unemployment Compensation Taxes 1.Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable
Question:
Unemployment Compensation Taxes
1.Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages.
Faruga Company had FUTA taxable payrolls for the four quarters of $38,400; $29,600; $16,500; and $8,900, respectively. What was the amount of Faruga's first required deposit of FUTA taxes?
2.Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages.
In the first quarter of the year, Henry Gibson earned $3,000 in wages and reported $2,400 in tips to his employer. How much would the employer's FUTA tax be for the first quarter on Gibson?
3.Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages.
Hunter Company had a FUTA taxable payroll of $192,700 for the year. Since the company is located in a state that has 1.5% FUTA credit reduction due to unpaid loans, determine Hunter's FUTA tax liability for the year.
4.In Part 5 of Form 940, Peterson Company reported FUTA tax liabilities as follows:
First quarter:$397.50Second quarter:$209.10Third quarter:$274.50Fourth quarter:$262.20
List the amounts and the dates of each required FUTA tax deposit:
5.Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages.
Ted Carman worked for Rivertide Country Club and earned $28,500 during the year. He also worked part time for Harrison Furniture Company and earned $12,400 during the year. The SUTA tax rate for Rivertide Country Club is 4.2% on the first $8,000, and the rate for Harrison Furniture Company is 5.1% on the first $8,000. Calculate the FUTA and SUTA taxes paid by the employers on Carman's earnings.
6.Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages.
Niemann Company has a SUTA tax rate of 7.1%. The taxable payroll for the year for FUTA and SUTA is $82,600. The amount of FUTA tax for the year is:
7.Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages.
Queno Company had FUTA taxable wages of $510,900 during the year. Determine its:(Round your answers to two decimal places.)
a.gross FUTA tax$.b.FUTA tax credits (assuming no penalties)$.c.net FUTA tax
8.a.Complete Part 2 of Form 940 based on the following information:(Round your answers to two decimal places, if necessary.)
Total payroll for the year $913,590
Payroll to employees in excess of $7,000 $421,930
Employer contributions into employees' 401(k) plans $23,710
b.If the employer is located in California, which has a credit reduction of 2.1%, what would be the amount of the credit reduction?
c.Complete Part 5 of Form 940 for the California employer given the breakdown of FUTA taxable wages for the year to be:
1st quarter $237,000
2nd quarter $168,000
3rd quarter $54,000
4th quarter $8,950
Yearly Total $467,950
The employer paid their SUTA on-time.Round your answers to two decimal places, if necessary.
16 Report the amount of your FUTA tax liability for each quarter; do NOT enter the amount you deposited. If you had no liability for a quarter, leave the line blank.
16a 1st quarter(January 1 - March 31
16b 2nd quarter(April 1 - June 30
16c 3rd quarter(July 1 - September 30)
16d 4th quarter(October 1 - December 31)