Business, 19.02.2021 16:40 johnplog2924

The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner) $85,000
S. Kludlow (partner) 75,000
N. Perry (supervisor) 53,000
T. Lee (factory worker) 34,600
R. Rolf (factory worker) 29,800
D. Broch (factory worker) 6,900 S.
Ruiz (bookkeeper) 25,400
C. Rudolph (maintenance) 5,100

In addition, the partnership owed $200 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following:

a. Net FUTA tax for the partnership for this year.
b. SUTA tax for this year.

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Answer from: sarahcn9876

a. The Net FUTA tax for the partnership for this year is $1,680.

b. The SUTA tax for this year is $1,062.

Explanation:

a) Data and Calculations:

M. Keenan (partner) $85,000

S. Kludlow (partner) 75,000

N. Perry (supervisor) 53,000

T. Lee (factory worker) 34,600

R. Rolf (factory worker) 29,800

D. Broch (factory worker) 6,900

Ruiz (bookkeeper) 25,400

C. Rudolph (maintenance) 5,100

Gross payroll = $314,800

FUTA rate is 6% for the first $7,000

Gross Pay FUTA SUTA

(first $7,000) (first $9,000)

N. Perry (supervisor) 53,000 $420 $265.50

T. Lee (factory worker) 34,600 420 265.50

R. Rolf (factory worker) 29,800 420 265.50

D. Broch (factory worker) 6,900 0 0

Ruiz (bookkeeper) 25,400 420 265.50

C. Rudolph (maintenance) 5,100 0 0

Payroll for employees = $154,800 $1,680 $1,062

b) The FUTA tax rate is 6.0%. The tax applies to the first $7,000 that Keenan and Kludlow paid to each employee as wages during the year. This first $7,000 is often referred to as the federal or FUTA wage base. The state's SUTA tax rate depends on each state where SUTA is collected. Note that the additional $200 owed to Rudolph does not alter his base wages which fall below $7,000.

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