Answer to Question #111590 in Accounting for Everlyn

Question #111590

Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages.

Niemann Company has a SUTA tax rate of 7.1%. The taxable payroll for the year for FUTA and SUTA is $82,600.

Expert's answer

net FUTA tax

$7000\times0.006=42$

SUTA tax

$82600\times0.071=5864.6$

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