ACCOUTING PRIN SET LL INCLUSIVE
ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
Question
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Chapter 11, Problem 11Q
To determine

Federal insurance contributions act tax (FICA):  It is a tax applicable to employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Federal unemployment tax act (FUTA): This is applicable to employers only. It’s a feature of the federal social security program. The employees who lost their employment due to any reason other than their own fault are benefitted from this program.

State unemployment tax act (SUTA): It is same as federal unemployment tax act, the only difference is that it is a program by states for their unemployed population. The features are same as those of SUTA.

To recognize: The acronyms FICA, FUTA and SUTA.

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