Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate...
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Accounting
Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers. Example 5-6 The Iqbal Company of Georgia had a FUTA taxable payroll of $215,600 and a SUTA taxable payroll of $255,700 with a 5.6 percent SUTA tax rate The company would pay unemployment taxes of: FUTA $215,600 x 0.006 $%1,293.60 SUTA $255,700 x 0.056 -$14,319.20 TOTAL TAXES $15,612.80 The partnership of Cox and Cohen paid the following wages during this year: M. Cox (partner) S. Cohen (partner) N. Tate (supervisor) T. Gerenski (factory worker) R. Sobowski (factory worker) D. Brunder (factory worker) S. Carsoni (bookkeeper) C. Chu (maintenance) $45,000 26,000 14,350 9,900 9,450 8,910 11,100 3,900
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