Thomas is an employer with two employees, Patty and Selma. Pattys wages are $12,450 and Selmas wages

Question:

Thomas is an employer with two employees, Patty and Selma. Patty’s wages are $12,450 and Selma’s wages are $1,275. The state unemployment tax rate is 5.4 percent. Calculate the following amounts for Thomas:

a. FUTA tax before the state tax credit.

b. State unemployment tax.

c. FUTA tax after the state tax credit.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

See More Books

Question Posted: Mar 02, 2019 06:54 AM

See More Questions

Thomas is an employer with one employee, Sarah. Sarahs wages are $19,450, and the state unemployment tax rate is 5.4 percent. Calculate the following amounts for Thomas: a. FUTA tax before the state...
The following transactions apply to Rocket Co. for 2013: 1. Received $40,000 cash from the issue of common stock. 2. Purchased inventory on account for $128,000. 3. Sold inventory for $200,000 cash...
The payroll register of Seaside Architecture Company indicates $870 of Social Security and $217 of Medicare tax withheld on total salaries of $14,500 for the period. Assume earnings subject to state...
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Instructions 1. Prepare a multiple-step income statement. 2....
Prepare journal entries to record the transactions in PB7-1 assuming that a periodic inventory system is used, with inventory costs being determined on a FIFO basis. Transactions Unit Cost Units...
What does the IF(a, b, c) Excel function do?
What is the goal of cash management?
Aristotle Constantinos, the manager of DuraProducts Australian Division, is trying to set the production schedule for the last quarter of the year. The Australian Division had planned to sell 100,000...
Luthan Company uses a plantwide predetermined overhead rate of $23.80 per direct labor-hour. This predetermined rate was based on a cost formula that estimated $285,600 of total manufacturing...
Carina consumes two goods, X and Y, both of which she likes. In month 1 she chooses basket A given budget line BL1. In month 2 she chooses B given budget line BL2, and in month 3 she chooses C given...
Jim, a single taxpayer, bought his home 20 years ago for $25,000. He has lived in the home continuously since he purchased it. In 2018, he sells his home for $300,000. What is Jims taxable gain on...
Sherry rents her vacation home for 6 months and lives in it for 6 months during the year. Her gross rental income during the year is $6,000. Total real estate taxes for the home are $950, and...
Given a position vector v, why are there infinitely many vectors equal to v?
If a loan of $24000 is taken out at an interest rate of 3.1% compounded monthly and a term of 15 years, what will the balance be after 22 payments, assuming monthly payments? Your Answer:
A bond offers 2.6% coupon rate with semi- annual payments. If the face-value of this bond is $10,000, what is the value of the coupon payments? Your Answer:
Why Empower Team Members? Empowerment is a characteristic of high-performance teams. They are given the autonomy required for empowerment because they consistently outperform competent employees in...
At the beginning of the week, Cash in Bank has an account balance of $3,500.00. During the week, the following transactions occur: Office supplies in the amount of $236.12 are purchased; the owner...
The year-end financial statement of Chaos 2 Ltd, a listed company based in Europe, include a statement of financial position, a statement of comprehensive income, cash flow statement, equity...
The partially completed statement of retained earnings information is given for Willy Wally's Chocolates Ltd. for four years. Instructions Fill in the missing numbers. 2016 2014 2013 2015 Beginning...
The following exercises are not grouped by type. Solve each equation. x610x -9
Which of the following taxpayers may use the standard mileage method of calculating transportation costs? a. A taxi driver who owns a fleet of six cars for hire b. A taxpayer who used accelerated...
Which of the following taxpayers may use the standard mileage method of calculating transportation costs? a. A taxi driver who owns a fleet of six cars for hire b. A taxpayer who used accelerated...
Which of the following taxpayers is entitled to a travel expense deduction? a. An employee, who worked in the Salt Lake City plant of a company, who is assigned to the Denver plant of the company for...
Constant growth valuation Thomas Brothers is expected to pay a $3.7 per share dividend at the end of the year (that is, D1 = $3.7). The dividend is expected to grow at a constant rate of 3% a year....
Beck Construction Company began work on a new building project on January 1, 2023. The project is to be completed by December 31, 2025, for a fixed price of $117 million. The following are the actual...
Betty earns $20 per hour. She works 40 hours per week. She gets paid bi-weekly. How much money should Betty get paid per year before any required deductions? Show your calculations.

Thomas is an employer with two employees, Patty and Selma. Pattys wages are $12,450 and Selmas wages

Question:

Step by Step Answer:

a 7000 maximum x 60 ...View the full answer

Income Tax Fundamentals 2019

Students also viewed these Business questions