a. Explanation Federal unemployment compensation tax (FUTA): This is the compensation provided to the unemployed people by the federal government from the taxes collected from the employers, as a percentage of 6.0% on the first $7,000 of employees’ earnings. Federal government refunds the employers with 5.4% on FUTA, if the employers have paid SUTA. So, FUTA would be reduced to 0.6% for those employers. Determine the date for the payment of the FUTA tax for the fourth quarter. 4 th quarter ends on December 31, 2019. So the due date for FUTA tax payment is the last date of the month following the end of each calendar quarter. Hence, the date for the payment of the FUTA tax for the fourth quarter would be January 31, 2020. Determine the amount of the FUTA tax for the fourth quarter. Step 1: Compute the taxable wages of each employee in each quarter... b. To determine Prepare Tax Form of Employer’s report for unemployment compensation, state D – 4 th quarter. c. To determine Prepare Form 940.

Cengagenowv2, 1 Term Printed Access Card For Bieg/toland's Payroll Accounting 2019, 29th

29th Edition

ISBN: 9781337619806

Author: Bernard J. Bieg, Judith Toland

Publisher: South-Western College Pub

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Question

Chapter 5, Problem 17PA

To determine

Determine the date and amount of the FUTA tax for the fourth quarter.

To determine

Prepare Tax Form of Employer’s report for unemployment compensation, state D – 4^th quarter.

To determine

Prepare Form 940.

Expert Solution & Answer

Chapter 5 Solutions

Cengagenowv2, 1 Term Printed Access Card For Bieg/toland's Payroll Accounting 2019, 29th

Ch. 5 - Prob. 1SSQ Ch. 5 - Prob. 2SSQ Ch. 5 - Prob. 3SSQ Ch. 5 - _____ 1. Reciprocal arrangements A. Extra state...Ch. 5 - What two alternative tests are applied to a...Ch. 5 - What condition would make a household employer a...Ch. 5 - Prob. 3QR Ch. 5 - Prob. 4QR Ch. 5 - Prob. 5QR Ch. 5 - Prob. 6QR

Ch. 5 - Prob. 7QR Ch. 5 - An employer, because of a favorable experience...Ch. 5 - Prob. 9QR Ch. 5 - Prob. 10QR Ch. 5 - Prob. 11QR Ch. 5 - Prob. 12QR Ch. 5 - Prob. 13QR Ch. 5 - Prob. 14QR Ch. 5 - Prob. 15QR Ch. 5 - Prob. 16QR Ch. 5 - Prob. 17QR Ch. 5 - Prob. 18QR Ch. 5 - Prob. 19QR Ch. 5 - Prob. 20QR Ch. 5 - Can the owner of a small business receive...Ch. 5 - Prob. 2QD Ch. 5 - Prob. 4QD Ch. 5 - Prob. 1PA Ch. 5 - Peyton Companys payroll for the year is 737,910....Ch. 5 - Prob. 3PA Ch. 5 - Prob. 4PA Ch. 5 - Prob. 5PA Ch. 5 - Prob. 6PA Ch. 5 - Prob. 7PA Ch. 5 - Prob. 8PA Ch. 5 - Prob. 9PA Ch. 5 - Prob. 10PA Ch. 5 - Prob. 11PA Ch. 5 - Prob. 12PA Ch. 5 - Prob. 13PA Ch. 5 - Prob. 14PA Ch. 5 - Prob. 15PA Ch. 5 - Prob. 16PA Ch. 5 - Prob. 17PA Ch. 5 - Prob. 1PB Ch. 5 - Prob. 2PB Ch. 5 - Prob. 3PB Ch. 5 - Prob. 4PB Ch. 5 - Prob. 5PB Ch. 5 - Prob. 6PB Ch. 5 - Prob. 7PB Ch. 5 - During 2019, Jake Gore worked for two different...Ch. 5 - Prob. 9PB Ch. 5 - Prob. 10PB Ch. 5 - Prob. 11PB Ch. 5 - Prob. 12PB Ch. 5 - Prob. 13PB Ch. 5 - Prob. 14PB Ch. 5 - Prob. 15PB Ch. 5 - Prob. 16PB Ch. 5 - Prob. 17PB Ch. 5 - Prob. 1CP

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Similar questions

For tax purposes, assume that the maximum taxable earnings are 118,500 for Social Security and 7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee.
Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.

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