In the following problems, use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Stys Company’s payroll for the year is $1,210,930. Of this amount, $510,710 is for wages paid in excess of $7,000 to each individual employee. The SUTA tax rate for the company is 3.2% on the first $7,000 of each employee’s earnings. Round your answers to two decimal places. Round your answers to two decimal places. a.  The amount of FUTA tax for the year is $fill in the blank 1. b.  The amount of SUTA tax for the year is $fill in the blank 2.

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Q: liability

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Q: P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x…

A: Total unemployment taxes=Net Futa tax+Net suta tax

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Q: A company made an additional (incremental) income of $10,000 during the last week of the year. This…

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Q: ohn Gercke is an employee of The Woolson Company. During the first part of the year, he earned…

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Q: During the year, Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA…

A: Given: SUTA tax rate = 4.8% The taxable payroll for FUTA and SUTA =$123,400

Q: Garrison Shops had a SUTA tax rate of 3.7%. The state's taxable limit was $8,000 of each employee's…

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Q: 2. In this pay, Moss Company deducted OASDI taxes of $5,276.24 and HI taxes of $1,233.95 from the…

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Q: A business employs two individuals, whose taxable earnings to date (prior to the current pay period)…

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Q: V Co. has an agreement to pay its sales manager a bonus of 7.5% of the company's earnings due to an…

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Q: Electronics Outlet employs two workers who, as of the beginning of the current pay period, have…

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Q: The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied to the…

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Q: Donner Company began its operations in September of the current year. During September, the company…

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Q: Peroni Company paid wages of $178,000 this year. Of this amount, $128,200 was taxable for net FUTA…

A:

Q: hornton, Inc., had taxable income of $129632 for the year. The company's marginal tax rate was 34…

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Q: Thornton, Inc., had taxable income of $130,022 for the year. The company's marginal tax rate was 34…

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Q: In early​ 2012, Cho-Sun​'s gross pay increased from ​$71,000 per year to ​$83,000 per year. Answer…

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Q: Baybrook Company had net income of $22,500. The company had $4,000 in penalties, $5,600 in…

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Q: Garrison Shops had a SUTA tax rate of 3.7%. The state's taxable limit was $8,000 of each employee's…

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Q: Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each…

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Q: According to a summary of the payroll of Scotland Company, salaries for the period were $400,000.…

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Q: Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is…

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Q: Truson Company paid a 4% SUTA tax on the taxable wages of $108500. The taxable wages under FUTA were…

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Q: Peyton Company's payroll for the year is $741,150. Of this amount, $472,770 is for wages paid in…

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Q: An employee receives a bi-weekly gross salary of $2,000. The employee’s deductions include income…

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Q: the current FUTA rate is 0.6% and the SUTA taxt rate is 5.4%. both taxes are applied to the first…

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Q: During the year, Zeno Company has a SUTA tax rate of 6.3%. The taxable payroll for the year for FUTA…

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.