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Answer to Question #112165 in Accounting for Everlyn
Question #112165
Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages.
In the first quarter of the year, Henry Gibson earned $3,000 in wages and reported $2,400 in tips to his employer. How much would the employer's FUTA tax be for the first quarter on Gibson?
In the first quarter of the year, Henry Gibson earned $3,000 in wages and reported $2,400 in tips to his employer. How much would the employer's FUTA tax be for the first quarter on Gibson?
Expert's answer
Futa tax= 2400*0.6%
Futa tax = 14.4
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#340153 on Dec 2023
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