Author Question: During the first quarter, Robert's Medical supply paid wages of 360,000 . Of this amount, 60,00 . ... (Read 83 times)

newyorker26 · **on:** Jun 24, 2018

During the first quarter, Robert's Medical supply paid wages of 360,000 . Of this amount, 60,00 . 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 5.4?

Question 2

A 1,00 . bond, with interest at 7 on January 1 and July 1, was purchased on May 11 . Compute the dollar amount of accrued interest that will be paid to the seller. (Assume a 360-day year)

reversalruiz · **Reply #1 on:** Jun 24, 2018

Answer to Question 1

18,600
360,00 . - 60,00 . = 300,00 . subject to FUTA and SUTA taxes
300,00 . 0.00 . = 2,400 FUTA tax payment
300,00 . 0.054 = 16,200 SUTA tax payment
2,400 + 16,200 SUTA tax payment = 18,600

Answer to Question 2

25.28