Presented below is the GROSS Pay of each employee at First Choice.EE12345678Q13500890021001800740003100Q235008400240026007400170032000Q332008800240026000270031005400Q432008300250026000270005400EEtotalHN3 In 100245678Determine each employees FUTA taxable wagesQ1Q21 Employee 2, 5, and 8 have 401K deduction of $400 each quarter worked2 Employees 1, 2, 5, 7, and 8 have medical premiums deducted of $500 each quarter worked3 Employee 2 has $300 taken out each quarter for United Way donations0304total

Employer has to pay the tax to the federal government. The tax rate is 0.6% on the first $7,000…

Presented below is the GROSS Pay of each employee at First Choice. EE 1 2 3 4 5 6 7 8 Q1 3500 8900 2100 1800 7400 0 3100 0 Q2 3500 8400 2400 2600 7400 1700 3200 0 Q3 3200 8800 2400 2600 0 2700 3100 5400 Q4 3200 8300 2500 2600 0 2700 0 5400 EE total 1 2 3 4 5 6 7 8 Determine each employees FUTA taxable wages Q1 Q2 1 Employee 2, 5, and 8 have 401K deduction of $400 each quarter worked 2 Employees 1, 2, 5, 7, and 8 have medical premiums deducted of $500 each quarter worked 3 Employee 2 has $300 taken out each quarter for United Way donations Q3 04 total

Presented below is the GROSS Pay of each employee at First Choice. EE 1 2 3 4 5 6 7 8 Q1 3500 8900 2100 1800 7400 0 3100 0 Q2 3500 8400 2400 2600 7400 1700 3200 0 Q3 3200 8800 2400 2600 0 2700 3100 5400 Q4 3200 8300 2500 2600 0 2700 0 5400 EE total 1 2 3 4 5 6 7 8 Determine each employees FUTA taxable wages Q1 Q2 1 Employee 2, 5, and 8 have 401K deduction of $400 each quarter worked 2 Employees 1, 2, 5, 7, and 8 have medical premiums deducted of $500 each quarter worked 3 Employee 2 has $300 taken out each quarter for United Way donations Q3 04 total

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter9: Deductions: Employee And Self-employed-related Expenses

Section: Chapter Questions

Problem 22CE

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Similar questions

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