During the year, Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA and SUTA is $123,400. Compute: Net FUTA tax $________ Net SUTA tax $________ Total unemployment taxes $_________

During the year, Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA and SUTA is $123,400. Compute: Net FUTA tax $ Net SUTA tax $ Total unemployment taxes $_

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 5PA

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Question

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During the year, Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA and SUTA is $123,400. Compute:

Net FUTA tax $________

Net SUTA tax $________

Total unemployment taxes $_________

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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