Question: Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers. The partnership of Cox and Cohen paid the

Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers.

The partnership of Cox and Cohen paid the following wages 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:

Round your answers to the nearest cent.

a. Net FUTA tax for the partnership for this year $

b. SUTA tax for this year $

a. Gross payroll; less partner's wages, less salaries above FUTA ceiling; multiply by net FUTA rate. (Ignore pending payment)
b. Gross payroll; less partner's wages, less salaries above SUTA ceiling; multiply by SUTA rate. (Ignore pending payment)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

NEED the FUTA AND SUTA tax at the END!!!!! Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise , calculate hourly rates and overtime rates as follows:...

Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the available 2017 rates were used for FUTA and SUTA. Note: For this...

could I get some help with the attached problems please Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the available 2015...

Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers. Example 5-6 The Iqbal Company of Georgia had a FUTA taxable payroll of $215,600 and a SUTA taxable payroll...

Since the SUTA rates changes are made at the end of each year and there is muchh discussion about canges to the FUTA rate, he available 2016 rates were used for FUTA and SUTA Note: For this textbook...

Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the available 2016 rates were used for FUTA and SUTA. Note: For this...

Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the available 2017 rates were used for FUTA and SUTA. Note: For this...

available 2017 rates were used for FUTA and SUTA. Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers. Example 5-10 The following unemployment tax rate schedule...

Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers. Example 5-4 Sutcliffe Company had taxable wages totaling $87,500 in 2017. During the year, the company paid...

a) it is known there is a centerline radius to cheek width of 1 1/2 : 1 calculate the proper centerline radius for the following: round off the answer to the nearest 1/16th in. b) it is known there...

You have secured the following information for Companies A, B, and C concerning their internally generated net incomes (excluding subsidiary income) and dividends paid: 1. Assume Company A acquires...

Your Answer Culbumber Landscaping has ma aerage collection period of M days for its accourts recelvible. Currenthy, Culfumber factors all of its reoeknales at a 3 percent discount. What is the...

Calculate the minimum and maximum takt time for the given

7. What is the significance of the shift from history to histories? How does this shift help us understand intercultural communication?

b. Are there any historical incidents of discrimination? If so, describe them.

a. What is the historical relationship between this group and other groups (particularly the dominant cultural groups)?