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Author Question: During the first quarter, Jason Beverage Distributors paid wages of 978,800 . Of this amount, 146,00 ... (Read 76 times)

KWilfred

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on: Jun 24, 2018
During the first quarter, Jason Beverage Distributors paid wages of 978,800 . Of this amount, 146,00 . was paid to employees who had been paid 7,00 . earlier in the quarter. What was the employer's liability for FUTA and SUTA taxes, assuming that the state rate was 5.7? (Round down to the nearest 1.)

Question 2

A 1,00 . bond, with interest at 9 on March 1 and September 1, was purchased on November 4 at 107 plus accrued interest. Compute the entire purchase cost of the bond. (Assume a 360-day year and a commission of 5 per bond.)


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Brenm

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Reply #1 on: Jun 24, 2018
Answer to Question 1

54,131
978,800 - 146,00 . = 832,800 subject to FUTA and SUTA taxes
832,800  0.00 . = 6,662.4 FUTA tax payment
832,800  0.057 = 47,469.6 SUTA tax payment
6,662.4 + 47,469.6 SUTA tax payment = 54,132

Answer to Question 2

1,091


KWilfred

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Reply 2 on: Jun 24, 2018
YES! Correct, THANKS for helping me on my review

zacnyjessica

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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