CPP 5-1 (#1) Calculate and Record Employer Payroll Taxes Calculate employer's total FUTA and SUTA...
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CPP 5-1 (#1) Calculate and Record Employer Payroll Taxes
Calculate employer's total FUTA and SUTA tax. As TCLH Industries operates in North Carolina, assume a SUTA tax rate of 1.2% and a taxable earnings threshold of $23,100. Current period taxable earnings for FUTA and SUTA taxes are the same as those for FICA taxes. Year-to-date taxable earnings for FUTA and SUTA taxes, prior to the current pay period, are as follows:
Zachary Fox: $0
Calvin Bell: $20,478.57
David Alexander: $198,450
Michael Sierra: $117,600
NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.
1: Z. Fox
FUTA tax = $ SUTA tax = $
2: C. Bell
FUTA tax = $ SUTA tax = $
3: D. Alexander
FUTA tax = $ SUTA tax = $
4: M. Sierra
FUTA tax = $ SUTA tax = $
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