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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

Barry Michaels earns $36,500 per year as the housewares manager at the Home Design Center.

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

7 , 000   ×   .054   =   $ 378 _ _

SUTA annually

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 company pay each year for Barry?

7 , 000   ×   .006   =   $ 42 _ _

FUTA tax the company must pay annually

(a)

To determine

To calculate: The SUTA tax rate that company need to pay for Barry Michel who earns $36,500 per year.

Explanation

Given Information:

Barry michel annual earning is $36,500.and SUTA tax rate is 5.4% for the first $7000 earned each year.

Formula used:

SUTA tax company will pay for barry annually can be calculated by the use of the formula

SUTA tax=gross earning×suta taxrate

Calculation:

Consider, the earning of Barry Michel which is $36,500 annually.

Now, SUTA tax rate is 5

(b)

To determine

To calculate: The FUTA tax rate that company need to pay for barry michel who earns of

$36,500 per year.

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