Question: please check first 2 questions for accuracy & help finish question 57. If the first 2 require no corrections just a simple number xxx is
please check first 2 questions for accuracy & help finish question 57. If the first 2 require no corrections just a simple "number xxx is correct" will suffice. if any corrections are needed, short, concise answers are needed. Thank you! :)
55. CFG Company has the following employees:
Wages Paid
Edwardo $12,000
Melanie 6,000
Navaeh 22,000
CFG receives the maximum credit for state unemployment taxes. What is the FUTA tax that CFG Company would owe for the year?
CFG receives the maximum credit for state unemployment taxes of 5.4%. This means that CFG is responsible for 0.006% of the FUTA tax up to $7,000.
| Employee | Wages paid | FUTA rate | Math | Total tax owed |
| Edwardo | $7,000 | .006% | 7,000 x 0.006 | $42 |
| Melanie | $6,000 | .006% | 6,000 x 0.006 | $36 |
| Navaeh | $7,000 | .006% | 7,000 x 0.006 | $42 |
| Total FUTA owed | $120 |
56. Angel hired Chris as a housekeeper starting on January 2 at $825 monthly. Angel does not withhold any federal taxes. Assume that Chris is not a housekeeper for anyone else. Assume that Angel paid $2,475 in wages for the fourth quarter of 2024.
- How much in Social Security tax should Angel pay?
First, we need to figure out the annual salary. $825 (monthly salary) x 12 (months) = $9,900 (Annual salary). Then, multiply by the percentage of social security tax for both employee and employer (6.2% each). $9,900 x 12.4% = $1,2276
- How much Medicare tax should Angel pay?
$9,900(Annual salary) x 2.9%(1.45 employee & employer) = $287.1
- How much FUTA tax should Angel pay?
$9,900 (Annual salary) - $7,000 = $2,900 (overage). Since Chris is self-employed, he must contribute for both employer and employee at 6% totaling $420.
57. Lauprechta Inc. has the following employees on payroll:
Semimonthly PayrollNumber of Dependents from Form W-4
| Employees | Semi-Payroll amount | Dependents | Marital Status |
| Naila | $6,200 | 3 | Married |
| Wilfred | $5,500 | 2 | Married |
| Byron | $4,100 | 0 | Single |
| Annie | $4,700 | 1 | HOH |
Complete the table for taxes to be withheld for each pay period using the Percentage Method Tables for Manual Payroll Systems with Forms W-4 from 2020 or Later (see appendix).
| Employee | Fed Tax Withholding | S.S. Tax | Medicare | Total Taxes Withheld |
| Naila | $384.40 | $89.90 | ||
| Wilfred | $34.10 | $79.75 | ||
| Byron | $254.2 | $59.45 | ||
| Annie | $291.40 | $68.15 |
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