This problem continues the computing and recording employee payroll for the Olney Company for the pay period ending January 8th, 20--. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. These computations are shown in the Employee Payroll Register. Requirements: Compute and record the employee's SUTA contributions. Compute and record the Olney Company's SUTA and FUTA contributions. Payroll Register The State Unemployment Tax Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program. Your tasks now are to compute FUTA and SUTA. Complete the following step: Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay). Note: Round your final answers to nearest cent. ONLEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Mangino, R. $740.00 $45.88 $10.73 $55.00 $22.72 $fill in the blank b94d7505d02e07a_1 $7.40 $20.00 Flores, I. 1,058.80 65.65 15.35 88.00 32.51 fill in the blank b94d7505d02e07a_2 10.59 50.00 Palmetto, C. 685.30 42.49 9.94 17.00 21.04 fill in the blank b94d7505d02e07a_3 6.85 40.00 Waters, R. 1,045.35 64.81 15.16 53.00 32.09 fill in the blank b94d7505d02e07a_4 10.45 60.00 Kroll, C. 952.00 59.02 13.80 80.00 29.23 fill in the blank b94d7505d02e07a_5 9.52 20.00 Ruppert, C. 837.50 51.93 12.14 32.00 25.71 fill in the blank b94d7505d02e07a_6 8.38 40.00 Scott, W. 780.00 48.36 11.31 26.00 23.95 fill in the blank b94d7505d02e07a_7 7.80 50.00 Wickman, S. 807.69 50.08 11.71 58.00 24.80 fill in the blank b94d7505d02e07a_8 8.08 50.00 Foley, L. 1,233.16 76.46 17.88 80.00 37.86 fill in the blank b94d7505d02e07a_9 12.33 30.00 Olney, M. 1,500.00 93.00 21.75 106.00 46.05 fill in the blank b94d7505d02e07a_10 15.00 80.00 Totals $597.68 $139.77 $595.00 $295.96 $fill in the blank b94d7505d02e07a_11 $96.40 $440.00 ---- axable Earnings The Federal Unemployment Tax Act (or FUTA) 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. In the Totals row, complete the following: 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 Olney 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. Note: Round each value to the nearest cent. OLNEY COMPANY, INC. Taxable Earnings Payroll Taxes Earnings OASDI HI FUTA SUTA Totals $fill in the blank 9b81d4062fd8067_1 $597.67 $139.78 $fill in the blank 9b81d4062fd8067_2

This problem continues the computing and recording employee payroll for the Olney Company for the pay period ending January 8th, 20--. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. These computations are shown in the Employee Payroll Register. Requirements: Compute and record the employee's SUTA contributions. Compute and record the Olney Company's SUTA and FUTA contributions. Payroll Register The State Unemployment Tax Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program. Your tasks now are to compute FUTA and SUTA. Complete the following step: Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay). Note: Round your final answers to nearest cent. ONLEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Mangino, R. $740.00 $45.88 $10.73 $55.00 $22.72 $fill in the blank b94d7505d02e07a_1 $7.40 $20.00 Flores, I. 1,058.80 65.65 15.35 88.00 32.51 fill in the blank b94d7505d02e07a_2 10.59 50.00 Palmetto, C. 685.30 42.49 9.94 17.00 21.04 fill in the blank b94d7505d02e07a_3 6.85 40.00 Waters, R. 1,045.35 64.81 15.16 53.00 32.09 fill in the blank b94d7505d02e07a_4 10.45 60.00 Kroll, C. 952.00 59.02 13.80 80.00 29.23 fill in the blank b94d7505d02e07a_5 9.52 20.00 Ruppert, C. 837.50 51.93 12.14 32.00 25.71 fill in the blank b94d7505d02e07a_6 8.38 40.00 Scott, W. 780.00 48.36 11.31 26.00 23.95 fill in the blank b94d7505d02e07a_7 7.80 50.00 Wickman, S. 807.69 50.08 11.71 58.00 24.80 fill in the blank b94d7505d02e07a_8 8.08 50.00 Foley, L. 1,233.16 76.46 17.88 80.00 37.86 fill in the blank b94d7505d02e07a_9 12.33 30.00 Olney, M. 1,500.00 93.00 21.75 106.00 46.05 fill in the blank b94d7505d02e07a_10 15.00 80.00 Totals $597.68 $139.77 $595.00 $295.96 $fill in the blank b94d7505d02e07a_11 $96.40 $440.00 ---- axable Earnings The Federal Unemployment Tax Act (or FUTA) 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. In the Totals row, complete the following: 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 Olney 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. Note: Round each value to the nearest cent. OLNEY COMPANY, INC. Taxable Earnings Payroll Taxes Earnings OASDI HI FUTA SUTA Totals $fill in the blank 9b81d4062fd8067_1 $597.67 $139.78 $fill in the blank 9b81d4062fd8067_2

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter4: Income Tax Withholding

Section: Chapter Questions

Problem 5PB

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Payroll Register

The State Unemployment Tax Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program.

Your tasks now are to compute FUTA and SUTA.

Complete the following step:

Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay).

Note: Round your final answers to nearest cent.

Name	Gross	OASDI	HI	FIT	SIT	SUTA	CIT	SIMPLE	Health Ins.
ONLEY COMPANY, INC. Employee Payroll Register For Period Ending January 8, 20--
	EARNINGS	DEDUCTIONS	NET PAY
Mangino, R.	$740.00	$45.88	$10.73	$55.00	$22.72	$fill in the blank b94d7505d02e07a_1	$7.40	$20.00
Flores, I.	1,058.80	65.65	15.35	88.00	32.51	fill in the blank b94d7505d02e07a_2	10.59	50.00
Palmetto, C.	685.30	42.49	9.94	17.00	21.04	fill in the blank b94d7505d02e07a_3	6.85	40.00
Waters, R.	1,045.35	64.81	15.16	53.00	32.09	fill in the blank b94d7505d02e07a_4	10.45	60.00
Kroll, C.	952.00	59.02	13.80	80.00	29.23	fill in the blank b94d7505d02e07a_5	9.52	20.00
Ruppert, C.	837.50	51.93	12.14	32.00	25.71	fill in the blank b94d7505d02e07a_6	8.38	40.00
Scott, W.	780.00	48.36	11.31	26.00	23.95	fill in the blank b94d7505d02e07a_7	7.80	50.00
Wickman, S.	807.69	50.08	11.71	58.00	24.80	fill in the blank b94d7505d02e07a_8	8.08	50.00
Foley, L.	1,233.16	76.46	17.88	80.00	37.86	fill in the blank b94d7505d02e07a_9	12.33	30.00
Olney, M.	1,500.00	93.00	21.75	106.00	46.05	fill in the blank b94d7505d02e07a_10	15.00	80.00

Totals	$597.68	$139.77	$595.00	$295.96	$fill in the blank b94d7505d02e07a_11	$96.40	$440.00		----

axable Earnings

The Federal Unemployment Tax Act (or FUTA) 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.

In the Totals row, complete the following:

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 Olney 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.

Note: Round each value to the nearest cent.

	Earnings	OASDI	HI	FUTA
OLNEY COMPANY, INC. Taxable Earnings Payroll Taxes

Totals	$fill in the blank 9b81d4062fd8067_1	$597.67	$139.78	$fill in the blank 9b81d4062fd8067_2

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