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 7QR
To determine
Indicate the requirements for an employer to avail the credit of 5.4 percent against FUTA tax.
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can you help me how to Explain how an employer can receive a credit against the FUTA tax due.
Determine the self-employment tax for an individual who has $111,700 in wages, $4,000 in interest income, and $20,000 in self-employment income. The self employment tax is________?
1. Who assigns the SUTA tax rate to an employer?
Answer:
A.
The Internal Revenue Service
B.
The state in which the employer is located
C.
The Social Security Administration
D.
The American Payroll Association
2. What is the due date for the first quarter FUTA tax?
Answer:
A.
April 30
B.
March 30
C.
April 15
D.
None of these options
3. Match each tax with its associated feature.
SUTA
Self-employment
Social Security and Medicare
The employer presently matches the amount employees pay.
If net SE income is below $400, no tax is due.
The number of laid-off employees may affect it.
Chapter 5 Solutions
Cengagenowv2, 1 Term Printed Access Card For Bieg/toland's Payroll Accounting 2019, 29th
Ch. 5 - Prob. 1SSQCh. 5 - Prob. 2SSQCh. 5 - Prob. 3SSQCh. 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. 3QRCh. 5 - Prob. 4QRCh. 5 - Prob. 5QRCh. 5 - Prob. 6QR
Ch. 5 - Prob. 7QRCh. 5 - An employer, because of a favorable experience...Ch. 5 - Prob. 9QRCh. 5 - Prob. 10QRCh. 5 - Prob. 11QRCh. 5 - Prob. 12QRCh. 5 - Prob. 13QRCh. 5 - Prob. 14QRCh. 5 - Prob. 15QRCh. 5 - Prob. 16QRCh. 5 - Prob. 17QRCh. 5 - Prob. 18QRCh. 5 - Prob. 19QRCh. 5 - Prob. 20QRCh. 5 - Can the owner of a small business receive...Ch. 5 - Prob. 2QDCh. 5 - Prob. 4QDCh. 5 - Prob. 1PACh. 5 - Peyton Companys payroll for the year is 737,910....Ch. 5 - Prob. 3PACh. 5 - Prob. 4PACh. 5 - Prob. 5PACh. 5 - Prob. 6PACh. 5 - Prob. 7PACh. 5 - Prob. 8PACh. 5 - Prob. 9PACh. 5 - Prob. 10PACh. 5 - Prob. 11PACh. 5 - Prob. 12PACh. 5 - Prob. 13PACh. 5 - Prob. 14PACh. 5 - Prob. 15PACh. 5 - Prob. 16PACh. 5 - Prob. 17PACh. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 3PBCh. 5 - Prob. 4PBCh. 5 - Prob. 5PBCh. 5 - Prob. 6PBCh. 5 - Prob. 7PBCh. 5 - During 2019, Jake Gore worked for two different...Ch. 5 - Prob. 9PBCh. 5 - Prob. 10PBCh. 5 - Prob. 11PBCh. 5 - Prob. 12PBCh. 5 - Prob. 13PBCh. 5 - Prob. 14PBCh. 5 - Prob. 15PBCh. 5 - Prob. 16PBCh. 5 - Prob. 17PBCh. 5 - Prob. 1CP
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Similar questions
- Which of the following is considered an employer payroll tax? A. FICA Medicare B. FUTA C. SUTA D. A and B only E. B and C only F. A, B, and Carrow_forwardBesides FICA, FUTA and state unemployment taxes, what items may an employer pay on behalf of its employees.arrow_forwardIn determining an employee's net pay, which of the following taxes would not be deducted? a.SUTA taxes b.FICA taxes c.Medicare taxes d.Federal income taxes 9arrow_forward
- How do I calculate self-employment taxes with self-employment earnings. For example Bob Marks has self-employment earnings of 149,200, what would be his total self-employment taxes for 2021.arrow_forwardWhich of the following taxes has a ceiling and is only paid by the employer? Group of answer choices Federal Income Tax Unemployment Tax Medicare Tax Social Security Taxarrow_forwardThe employer is responsible for which of the following payroll taxes? a. 6.2% FICA—OASDI tax b. 1.45% FICA—Medicare tax c. Federal and state unemployment taxes d. All of the abovearrow_forward
- How do I calcuate the OASDI and HI self-employment tax? For example Jason Knightly has self-employment earnings of $229,000. What would be his total 2021 self-employment tax?arrow_forwardUse the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $149,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of net income in wages 1.45% of income in excess 1.45% of wages paid in of $142,800 excess of $142,800 profits 2.9% of net profits in excess of $142,800 + The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.)arrow_forwardQuestion 6: FUTA tax is paid solely by the employer. Answer: A. True В. Falsearrow_forward
- Which of the following payroll related taxes are paid by the employer? Choose the best answer. Group of answer choices Social Security Tax, Medicare Tax and Unemployment Tax Social Security Tax and Medicare Tax An employer does not pay employment related taxes. Federal Income Taxarrow_forwardThe employer must remit an Employment Insurance tax withheld from all employees. O of 1.5 times O equal to O of 1.6 times O of 1.4 times the amountarrow_forwardAs You Read QUESTION What could happen if your employer did not deduct federal income taxes from your paychecks?arrow_forward
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