Answered: P a y t o n company payroll for the…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 3E

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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 c e s s $7,000 to each individual employee. The suta rate in Peyton company state is 2.9% on the first $7,000 of each employees earning. Round your answer to the nearest cent. A. Net Futa tax _______ B. Net suta tax _______ C. Total unemployment taxes _______

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$\begin{array}{rcl} T o t a l u n e m p l o y m e n t t a x e s & = & N e t F u t a t a x + N e t s u t a t a x \end{array}$

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