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The State Unemployment Tax Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program. Complete the following step: 1. Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay). Note: Round your final answers to nearest cent. Name EARNINGS Gross OASDI HI FIT KIPLEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20- SIT DEDUCTIONS SUTA CIT NET PAY SIMPLE Grp. Ins. Health Ins. Ck. No. Amount

The State Unemployment Tax Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program. Complete the following step: 1. Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay). Note: Round your final answers to nearest cent. Name EARNINGS Gross OASDI HI FIT KIPLEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20- SIT DEDUCTIONS SUTA CIT NET PAY SIMPLE Grp. Ins. Health Ins. Ck. No. Amount

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter12: Preparing Payroll Records
Section: Chapter Questions
Problem 3AP
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1-Compute and record the employee’s SUTA Contributions.(employees pay 0.06% on total gross pay). 2-Compute and record the Kipley Company’s SUTA and FUTA contributions
Final Part 4 The State Unemployment Tax Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program. Complete the following step: 1. Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay). Note: Round your final answers to nearest cent. KIPLEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, $700.00 $43.40 $10.15 $60.00 $21.49 $21.00 $20.00 Wilson, w. 897.04 55.62 13.01 91.00 27.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 25.00 20.84 20.36 40.00 Fife, L 877.10 54.38 12.72 28.00 26.93 26.31 50.00 Smith, 790.00 48.98 11.46 61.00 24.25 23.70 20.00 Fay, G. 539.15 16.55 33.43 7.82 3.00 16.17 40.00 Robey. 623.08 38.63 9.03 19.13 18.69 50.00 G. Schork, T. 773.08 47.93 11.21 64.00 23.73 23.19 60.00 Hardy, 666.11 1.00 20.45 19.98 30.00 41.30 9.66 B. Kipley, 30.70 330M 1,000.00 62.00 14.50 13.00 30.00 80.00 Totals $467.75 $346.00 $231.61 s226.31 $440.00 $109.40 s
Transcribed Image Text:Final Part 4 The State Unemployment Tax Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program. Complete the following step: 1. Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay). Note: Round your final answers to nearest cent. KIPLEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, $700.00 $43.40 $10.15 $60.00 $21.49 $21.00 $20.00 Wilson, w. 897.04 55.62 13.01 91.00 27.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 25.00 20.84 20.36 40.00 Fife, L 877.10 54.38 12.72 28.00 26.93 26.31 50.00 Smith, 790.00 48.98 11.46 61.00 24.25 23.70 20.00 Fay, G. 539.15 16.55 33.43 7.82 3.00 16.17 40.00 Robey. 623.08 38.63 9.03 19.13 18.69 50.00 G. Schork, T. 773.08 47.93 11.21 64.00 23.73 23.19 60.00 Hardy, 666.11 1.00 20.45 19.98 30.00 41.30 9.66 B. Kipley, 30.70 330M 1,000.00 62.00 14.50 13.00 30.00 80.00 Totals $467.75 $346.00 $231.61 s226.31 $440.00 $109.40 s
Taxable Earnings Taxable Earnings The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law that imposes a federal employer tax used to help fund state workforce agencies. Employers report this tax by filing an annual Form 940 with the Internal Revenue Service, In the Totals row, complete the following: 1. Net FUTA tax: Since this is the first pay period of the year, none of the employees are near the $7,000 ceiling; therefore, each employee's gross earnings is subject to the FUTA tax. (The employer rate is 0.6%). 2. SUTA tax: Since Kipley Company is a new employer, Pennsylvania has assigned the company a contribution rate of 3.689% on the first $10,000 of each employee's earnings. Note: Round your final answers to nearest cent. KIPLEY COMPANY, INC. Taxable Earnings Payroll Taxes Earnings OASDI HI FUTA SUTA Totals $467.75 $109.39
Transcribed Image Text:Taxable Earnings Taxable Earnings The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law that imposes a federal employer tax used to help fund state workforce agencies. Employers report this tax by filing an annual Form 940 with the Internal Revenue Service, In the Totals row, complete the following: 1. Net FUTA tax: Since this is the first pay period of the year, none of the employees are near the $7,000 ceiling; therefore, each employee's gross earnings is subject to the FUTA tax. (The employer rate is 0.6%). 2. SUTA tax: Since Kipley Company is a new employer, Pennsylvania has assigned the company a contribution rate of 3.689% on the first $10,000 of each employee's earnings. Note: Round your final answers to nearest cent. KIPLEY COMPANY, INC. Taxable Earnings Payroll Taxes Earnings OASDI HI FUTA SUTA Totals $467.75 $109.39
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