Business, 10.03.2020 19:03 impura12713

The Federal Unemployment Tax Act (or FUTA, I. R.C. ch. 23) is a United States federal law that imposes a federal employer tax used to help fund state workforce agencies. Employers report this tax by filing an annual Form 940 with the Internal Revenue Service.

Complete the following steps:

Net FUTA tax: Since this is the first pay period of the year, none of the employees are near the $7,000 ceiling; therefore, each employee’s gross earnings is subject to the FUTA tax. (The employer rate is 0.6%).
SUTA tax: Since Kipley Company is a new employer, Pennsylvania has assigned the company a contribution rate of 3.689% on the first $10,000 of each employee’s earnings.

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The Federal Unemployment Tax Act (or FUTA, I. R.C. ch. 23) is a United States federal law that impos...

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