2: Mrs. Fix-It Corp. employs two workers who, as of the beginning of the current pay period, have earned $4,200 and $6,500. Calculate SUTA tax for the current pay periodif these employees earn taxable pay of $2,700 and $2,400, respectively.SUTA tax = $3: Burger Bites Restaurant employs 51 workers who, for the current pay period, earn total taxable pay of $87,450. Of this amount, only $11,000 are subject to SUTA tax, asthis is the portion of individual employee earnings that does not exceed the $8,500 threshold. Calculate SUTA tax based on these earnings.SUTA tax = $ PSb 5-4 Calculate SUTA TaxFor each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500.NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.

Given, The rate of SUTA tax is 3.4% and taxable earning threshold is $ 8,500 2. Two employees…

PSb 5-4 Calculate SUTA Tax For each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.

PSb 5-4 Calculate SUTA Tax For each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EB: Reference Figure 12.15 and use the following information to complete the requirements. A. Determine...

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PSb 5-3 Calculate FUTA Tax For each of the following independent circumstances, calculate the FUTA tax owed by the employer: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
PSb 5-4 Calculate SUTA Tax For each of the following independent circumstances calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4% and a taxable earnings threshold of $8,500. NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: A-1 Framing employs three workers who, as of the beginning of the current pay period, have earned $8,550, $8,200, and $7,400. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $1,000, $1,350, and $1,800, respectively. SUTA tax = $ 2: Mrs. Fix-lt Corp. employs two workers who, as of the beginning of the current pay period, have earned $4,200 and $6,500. Calculate SUTA tax for the current pay period if these employees earn taxable pay of $2,700 and $2,400, respectively. SUTA tax = $ 3: Burger Bites Restaurant employs 51 workers who, for the current pay period, earn total taxable pay of $87,450. Of this…
PSb 5-5 Calculate FUTA and SUTA Tax For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees earn $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16,500. FUTA tax = $ 0.00 SUTA tax = $ 72.45 2: An employer in Bridgeport, Connecticut, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,500, $12,900, and $14,200. During the current pay period, these employees earn $2,200, $1,950, and $2,400, respectively. The applicable SUTA tax rate is 4.9%, and the Connecticut SUTA threshold is…
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PSb 5-2 Determine the Taxable Earnings Subject to FUTA Tax For each of the described pay periods, determine the taxable earnings subject to FUTA tax: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: A business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $12,200, $5,250 and $3,000. During the current pay period, these employees earn $2,400, $2,000 and $1,350, respectively. Taxable earnings subject to FUTA tax = $ 2: A business employs two individuals, whose taxable earnings to date (prior to the current pay period) are $3,000 and $31,400. During the current pay period, these employees ean $3,300 and $1,450, respectively. Taxable earnings subject to FUTA tax = $ 3: A business employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,200, $46,700 and $500. During the current pay period,…
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PSc 3-5 Calculate Federal Income Tax Withholding Using Two Methods (Pre-2020 Form W-4) For each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to Publication 15-T. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: Michael Daugherty (married; 5 federal withholding allowances) earned weekly gross pay of $875. For each period, he makes a 403(b) retirement plan contribution of 14% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $ 2: Carol Harrison (single; 0 federal withholding allowance) earned daily gross pay of $210. For each period, she makes a 401(k) contribution of 13% of gross pay. Using wage-bracket method: Federal income tax withholding = $ Using percentage…
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