An appliance company has three installers. Larry earns $315 per week, Curly earns $470 per week, and Moe earns $575 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax$ total FUTA tax$ (b) How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year? total SUTA tax$ total FUTA tax$
An appliance company has three installers. Larry earns $315 per week, Curly earns $470 per week, and Moe earns $575 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax$ total FUTA tax$ (b) How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year? total SUTA tax$ total FUTA tax$
Chapter9: Payroll, Estimated Payments, And Retirement Plans
Section: Chapter Questions
Problem 13P
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An appliance company has three installers. Larry earns $315 per week, Curly earns $470 per week, and Moe earns $575 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings.
(a)
How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year?
total SUTA tax$ total FUTA tax$
(b)
How much SUTA and FUTA tax (in $) does the company owe for the second quarter of the year?
total SUTA tax$ total FUTA tax$
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