What is the amount of unemployment taxes the employer

Assignment Help Financial Accounting

Reference no: EM131293621

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 $5,800. What is the amount of unemployment taxes the employer must pay on this employee's wages for the current period?

Reference no: EM131293621

Questions Cloud

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..

Expectations of uncollectible accounts receivable : Cocoa Beach Surf Shop receives information that requires the company to increase its expectations of uncollectible accounts receivable. Which of the following does not occur on the company’s financial statements?

Fair-value method of accounting for marketable securities : Which of the following statements is not true of the fair-value method of accounting for marketable securities? Which of the following is not a correct statement about noncontrolling interest?

User Account

All Pages