In the following problems, use the net FUTA tax rate of 0.8% on the first $7,000 of taxable wages. SUTA will be paid on the first 8,500 for ER with no limit for the EE.
Niemann Company has a SUTA tax rate for the ER is 7.1% and .03% for the EE. The taxable payroll for the year for FUTA and SUTA is $82,600. Assume that the total payroll for the year is also $82,600.
| 1. The amount of FUTA tax for the year is (Points : 3) |
$660.80
$5,864.60
$5,121.20
$4,460.40 |
| 2. The amount of SUTA tax for the ER for the year is (Points : 3) |
$660.80
$5,121.20
$5,864.60
$4,460.40 |
| 3. The amount of SUTA tax deducted from the EE wages would be: (Points : 3) |
$58.65
$33.04
$24.78
$66.08 |
| 4. The amount of FUTA tax before the credit is: (Points : 3) |
$5,121.20
$4,460.40
$527.00
$459.00 |
| 5. The amount of the FUTA tax credit would be: (Points : 3) |
$5,121.20
$660.80
$527.00
$4,460.40 |
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