The taxable FUTA wages and determining FUTA taxes due. Presented below is the GROSS Pay of each
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The taxable FUTA wages and determining FUTA taxes due.
Presented below is the GROSS Pay of each employee at First Choice.
EE | Q1 | Q2 | Q3 | Q4 | Total |
1 | 3500 | 3500 | 3200 | 3200 | 14000 |
2 | 8900 | 8400 | 8800 | 8300 | 34400 |
3 | 2100 | 2400 | 2400 | 2500 | 9400 |
4 | 1800 | 2600 | 2600 | 2600 | 9600 |
5 | 7400 | 7400 | 0 | 0 | 14800 |
6 | 0 | 1700 | 2700 | 2700 | 7100 |
7 | 3100 | 3200 | 3100 | 0 | 9400 |
8 | 0 | 0 | 5400 | 5400 | 10800 |
Total | 2680 | 29200 | 28200 | 24700 |
Employers are taxed on the first $7,000 on gross wages (not federal) for each employee. Gross wages are taxed at 0.6% (.006 as a decimal).
Indiana SUTA tax rate: Employers are taxed on the first $9,500 on gross wages (not federal) for each employee.
Determine each employee FUTA taxable wages.
EE | Q1 | amount that is taxable | Q2 | amount that is taxable | Q3 | amount that is taxable | Q4 | amount that is taxable | Total |
1 | 3500 | 3500 | 3500 | 3500 | 3200 | 0 | 3200 | 0 | 7000 |
2 | 8900 | 7000 | 8400 | 0 | 8800 | 0 | 8300 | 0 | 7000 |
3 | 2100 | 2100 | 2400 | 2400 | 2400 | 2400 | 2500 | 100 | 7000 |
4 | 1800 | 1800 | 2600 | 2600 | 2600 | 2600 | 2600 | 0 | 7000 |
5 | 7400 | 7000 | 7400 | 0 | 0 | 0 | 0 | 0 | 7000 |
6 | 0 | 0 | 1700 | 1700 | 2700 | 2700 | 2700 | 2600 | 7000 |
7 | 3100 | 3100 | 3200 | 3200 | 3100 | 700 | 0 | 0 | 7000 |
8 | 0 | 0 | 0 | 0 | 5400 | 5400 | 5400 | 1600 | 7000 |
Total | 26800 | 24500 | 29200 | 13400 | 28200 | 13800 | 24700 | 4300 |
- What is employee #1 taxable FUTA wages for quarter 3? $0
- What is employee #1 taxable FUTA wages for quarter 4? $0
- What is employee #5 taxable FUTA wages for quarter 1? $7000
- What is employee #5 taxable FUTA wages for quarter 2? $0
- What is line 3 of Form 940?
- What is line 5 of Form 940?
- What is line 8 of Form 940?
- For year 2020, what is line 11 of Form 940?
- What is line 16a of Form 940?
- What is line 16d of Form 940?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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