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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Tim Ries earns $48,320 annually as a supervisor for the Lakeside Bank.

a. If the SUTA tax rate is 5.4 % of the first $7,000 earned in a year, how much SUTA tax must the bank pay each year for Tim?

b. If the FUTA tax rate is 6.0% of the first $7,000 earned in a year minus the SUTA tax paid, how much FUTA tax must the bank pay each year for Tim?

(a)

To determine

To calculate: The SUTA tax that the bank must pay for Tim, where Tim earns $48,320 and the rate of SUTA is 5.4% for first $7,000 earned in a year.

Explanation

Given Information:

Tim earns $48,320 and the rate of SUTA is 5.4% for first $7,000 earned in a year.

Formula used:

The SUTA tax is given as,

SUTA tax=Gross earning×SUTA tax rate

Calculation:

Consider the given information, the rate of SUTA is 5.4% for first $7,000 earned in a year

(b)

To determine

To calculate: The FUTA tax that the bank must pay annually for Tim, if Tim earns $48,320 and the rate of FUTA is 6.0% for first $7,000 earned in a year minus the SUTA tax paid.

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