Taxes the employer must pay on this employees wages

Assignment Help Financial Accounting
Reference no: EM131293623

The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $9,900. What is the amount of total unemployment taxes the employer must pay on this employee's wages?

Reference no: EM131293623

Questions Cloud

Compute the gain or loss on the sale : On January 2, 2016, Twilight Hospital purchased a $94,800 special radiology scanner from Bella Inc. The scanner had a useful life of 4 years and was estimated to have no disposal value at the end of its useful life. The straight-line method of deprec..
Companys dividend declarations were as follows : Violet Company has paid all required preferred dividends though December 31, 2004. Its outstanding stock consists of 10,000 shares of USD 125 par value common stock and 4,000 shares of 6 percent, USD 125 par value preferred stock. During five success..
Compute the interest expense and carrying value : On February 1, 2015, Willmar Corporation borrowed $100,000 from its bank by signing a 12 percent, 15-year note payable. The note calls for 180 monthly payments of $1,200. Each payment includes an interest and a principal component. Compute the intere..
Compute how many units must be sold to break even : Bros Inc sells a single product. their most recent income statement is given below: compute how many units must be sold to break even?
Taxes the employer must pay on this employees wages : The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $9,900. What is the amount of total unemployment taxes the employer must ..
The employees annual fica taxes amount is : An employee earned $37,000 during the year working for an employer when the maximum limit for Social Security was $117,000. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes am..
What is the amount of unemployment taxes the employer : The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $2,900 in the current period and had cumulative pay for prior periods of ..
Total fica payroll tax for this employee is : An employee earned $43,300 working for an employer in the current year. The current rate for FICA Social Security is 6.2% payable on earnings up to $117,000 maximum per year and the rate for FICA Medicare is 1.45%. The employer's total FICA payroll t..
Relating to their allowance for doubtful accounts : The 2013 annual report of Oracle Corporation included the following information relating to their allowance for doubtful accounts: Balance in allowance at the beginning of the year $323 million, accounts written off during the year of $145 million, b..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Individual income tax return is mailed

If a calendar year taxpayer’s 2013 individual income tax return is mailed on June 15, 2014, the statute of limitations would normally run out on:

  One of the ratios in the long-term debt paying analysis

1. One of the ratios in the long-term debt paying analysis category is comparing total liabilities to total assets. What is the intention of this ratio?

  Companys overall net operating income

A study has been conducted to determine if one of the departments in Parry Company should be discontinued. The contribution margin in the department is $50,000 per year. Fixed expenses charged to the department are $65,000 per year. These data indica..

  Discuss how tirgaran ltd should account for these costs

Discuss how Tirgaran Ltd should account for these costs. Provide journal entries with an explanation of why these are the appropriate entries

  In the analysis of purchasing alternatives

In the analysis of purchasing alternatives, the indifference point identifies:

  Competitors earn an average profit marginb

1.Deklin Company reported net income of $48,025 and net sales of $425,000 for the current year.

  Partnerships capital balances

Gibbs, Cook, and Chan are partners and share income and loss in a 5:1:4 ratio. The partnership's capital balances are as follows: Gibbs, $606,000; Cook, $148,000; and Chan, $446,000. Gibbs decides to withdraw from the partnership, and the partners ag..

  Decide whether to continue operating this store or to lease

The company can lease the building to a large flower shop for $4,000 per month. Decide whether to continue operating this store or to lease, using.

  The wages payable account

The balance in the Wages Payable account increased from $12,200 at the beginning of the month to $15,000 at the end of the month

  Question most accounting professionals would agree that the

question most accounting professionals would agree that the accounting profession has developed effective tools for

  Definition and background information on each indicator

Prepare a report of no more than 10 pages outlining the above analysis and the selection of the resulting portfolio. Marks will be given for content not for length. Anything over 10 pages will not be marked.

  Compute the ratios for 2012 and earnings per share

Compute the ratios for 2012 and earnings per share - return on common stockholders' equity

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd