Business, 19.02.2021 16:40 johnplog2924

The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner) $85,000
S. Kludlow (partner) 75,000
N. Perry (supervisor) 53,000
T. Lee (factory worker) 34,600
R. Rolf (factory worker) 29,800
D. Broch (factory worker) 6,900 S.
Ruiz (bookkeeper) 25,400
C. Rudolph (maintenance) 5,100

In addition, the partnership owed $200 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following:

a. Net FUTA tax for the partnership for this year.
b. SUTA tax for this year.

Answers: 1

Show answers

Answers

Answer from: sarahcn9876

a. The Net FUTA tax for the partnership for this year is $1,680.

b. The SUTA tax for this year is $1,062.

Explanation:

a) Data and Calculations:

M. Keenan (partner) $85,000

S. Kludlow (partner) 75,000

N. Perry (supervisor) 53,000

T. Lee (factory worker) 34,600

R. Rolf (factory worker) 29,800

D. Broch (factory worker) 6,900

Ruiz (bookkeeper) 25,400

C. Rudolph (maintenance) 5,100

Gross payroll = $314,800

FUTA rate is 6% for the first $7,000

Gross Pay FUTA SUTA

(first $7,000) (first $9,000)

N. Perry (supervisor) 53,000 $420 $265.50

T. Lee (factory worker) 34,600 420 265.50

R. Rolf (factory worker) 29,800 420 265.50

D. Broch (factory worker) 6,900 0 0

Ruiz (bookkeeper) 25,400 420 265.50

C. Rudolph (maintenance) 5,100 0 0

Payroll for employees = $154,800 $1,680 $1,062

b) The FUTA tax rate is 6.0%. The tax applies to the first $7,000 that Keenan and Kludlow paid to each employee as wages during the year. This first $7,000 is often referred to as the federal or FUTA wage base. The state's SUTA tax rate depends on each state where SUTA is collected. Note that the additional $200 owed to Rudolph does not alter his base wages which fall below $7,000.

Answer from: Quest

Acreditor is an entity or person that lends money or extends credit to another party. a debtor is an entity or person that owes money to another party.

Answer from: Quest

False according to edgenuity

Another question on Business

Business, 21.06.2019 22:30

Match the vocabulary word to the correct definition. 1. sexual harassment 2. terminate 3. recruitment 4. professional development 5. union a. any unwanted sexual attention, the suggestions that maintaining one’s job or professional advancement depends on sexual favors, or verbal and/or physical harassment of a sexual nature b. to fire from a job or end a professional relationship c. an organization of those in the same industry who join together to more effectively bargain with employers d. the process of attracting and hiring employees e. continuing education in a chosen field

Answers: 1

Answer

Business, 22.06.2019 18:30

Afarmer is an example of what kind of producer?

Answers: 2

Answer

Business, 23.06.2019 02:30

Tara and her parents want to save at least $40,000 for college in 8 years. which statement describes the most effective savings plan for tara and her parents to meet their goal? tara and her parents should make deposits of $300 every month into a college savings account. tara and her parents should make deposits of $450 every month into a college savings account. tara and her parents should make deposits of $3,000 every year into a college savings account. tara and her parents should make deposits of $4,000 every year into a college savings account

Answers: 1

Answer

Business, 23.06.2019 12:30

Food goblin supermarkets use both cashiers and baggers to serve customers at check out. during the first 6 hours of each workday (monday-friday), 3 cashiers and 2 baggers serve approximately 23 customers per hour. a cashier and a bagger who require approximately 4 minutes at checkout and 3 minutes at bagging serve each customer. a. how many employees should food goblin supermarket schedule if it requires a 12 percent capacity cushion? food goblin supermarket should schedule nothing cashier(s). (enter your response rounded up to the nearest whole number.)

Answers: 1

Answer

You know the right answer?

The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner...

Questions