0.0% or more, but less than 1.0% 1.0% or more, but less than 1.2% 1.2% or...
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0.0% or more, but less than 1.0% 1.0% or more, but less than 1.2% 1.2% or more, but less than 1.4% 1.4% or more, but less than 1.6% 1.6% or more, but less than 1.8% 1.8% or more, but less than 2.0% 2.0% or more, but less than 2.2% 2.2% or more, but less than 2.4% 2.4% or more, but less than 2.6% 2.6% or more, but less than 2.8% 6.7% 6.4% 6.1% 5.8% 5.5% 5.2% 4.9% 4.6% 4.3% 4.0% 2.8% or more, but less than 3.0% 3.7% 3.0% or more, but less than 3.2% 3.2% or more 3.4% 3.1% Hyram Company, which is located in State A, had an average annual payroll of $850,000 for the three 12-month periods ending on June 30, 2023 (the computation date for the tax year 2024). As of June 30, 2023, the total contributions that had been made to Hyram Company's reserve account, in excess of the benefits charged, amounted to $17,440. Compute the following: a. Hyram Company's reserve ratio for 2023. Round your answer to two decimal places. % b. 2024 contribution rate for the company. Round your answer to one decimal place. C. % Smallest contribution that the company can make in order to reduce its tax rate if State A permits voluntary contributions. d. Tax savings realized by the company, taking into consideration the voluntary contribution made in (c) if the taxable payroll in 2024 is $980,000. 0.0% or more, but less than 1.0% 1.0% or more, but less than 1.2% 1.2% or more, but less than 1.4% 1.4% or more, but less than 1.6% 1.6% or more, but less than 1.8% 1.8% or more, but less than 2.0% 2.0% or more, but less than 2.2% 2.2% or more, but less than 2.4% 2.4% or more, but less than 2.6% 2.6% or more, but less than 2.8% 6.7% 6.4% 6.1% 5.8% 5.5% 5.2% 4.9% 4.6% 4.3% 4.0% 2.8% or more, but less than 3.0% 3.7% 3.0% or more, but less than 3.2% 3.2% or more 3.4% 3.1% Hyram Company, which is located in State A, had an average annual payroll of $850,000 for the three 12-month periods ending on June 30, 2023 (the computation date for the tax year 2024). As of June 30, 2023, the total contributions that had been made to Hyram Company's reserve account, in excess of the benefits charged, amounted to $17,440. Compute the following: a. Hyram Company's reserve ratio for 2023. Round your answer to two decimal places. % b. 2024 contribution rate for the company. Round your answer to one decimal place. C. % Smallest contribution that the company can make in order to reduce its tax rate if State A permits voluntary contributions. d. Tax savings realized by the company, taking into consideration the voluntary contribution made in (c) if the taxable payroll in 2024 is $980,000.
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Hyram Company Unemployment Tax Calculations a Reserve Ratio for 2023 Reserve ratio Total contributio... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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