The partnership of Cox and Cohen paid the following ages during this year: M. Cox (partner) .
Question:
The partnership of Cox and Cohen paid the following ages during this year:
M. Cox (partner) . . . . . . . . . . . . . . . . . $45,000
S. Cohen (partner) . . . . . . . . . . . . . . . . 26,000
N. Tate (supervisor). . . . . . . . . . . . . . . 14,350
T. Gerenski (factory worker) . . . . . . . . 9,900
R. Sobowski (factory worker) . . . . . . . 9,450
D. Brunder (factory worker) . . . . . . . . 8,910
S. Carsoni (bookkeeper) . . . . . . . . . . . 11,100
C. Chu (maintenance) . . . . . . . . . . . . . 3,900
In addition, the partnership owed $200 to Chu 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:
a. Net FUTA tax for the partnership for this year . . . . . . . . . . . . . $___________
b. SUTA tax for this year . . . . . . . .............$__________
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
Step by Step Answer:
a Gross payroll 128610 Less Payroll to partners nontaxable 71000 Less ...View the full answer
