Lisa Kalley-Chapter 5 ACCT106 123 Practical Pbm Template

Lisa Kalley-Chapter 5 ACCT106 123 Practical Pbm Template -...

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Chapter 5 1 of 5 Possible Incorrect Chapter 5 30.000/30 5-2 Taxable for unemployment 265790.0000 0.500 a Net FUTA Tax 1594.7400 0.500 b Net SUTA Tax 7707.9100 c Total unemployment Tax 9302.6500 Check figure -- total FUTA & SUTA 9302.6500 5-4 0.500 a SUTA Taxes paid to VT 720.0000 0.500 b SUTA Taxes paid to NH 636.0000 0.500 c SUTA Taxes paid to ME 2291.0000 0.500 d FUTA Taxes paid 621.0000 Total unemployment Tax 4268.0000 Check figure -- total FUTA & SUTA 4268.0000 5-6 Since the first 7000 or less (if you made less than 7000) is taxable for FUTA is easier to first examine what is included and force the excluded amount. 0.500 President 20000.0000 7000.0000 13000.0000 0.500 VP 15000.0000 7000.0000 8000.0000 0.500 Director 900.0000 0.0000 900.0000 Reference Pg 5-4 #2 0.500 Factory Superintendent 6300.0000 6300.0000 0.0000 0.500 Other 2000.0000 0.0000 2000.0000 Reference Pg 4-7 -- Cafeteria Plans Totals 44200.0000 20300.0000 23900.0000 The payment to the auditor was to another type of expense and was not included in the 177610 Total Wages 177610.0000 Minus Total Excluded from table above 23900.0000 Taxable for FUTA & SUTA 153710.0000 0.500 a Net FUTA Tax 153710.0000 0.0060 922.2600 0.500 b SUTA tax 153710.0000 0.0350 5379.8500 Total Unemployment tax 6302.1100 Check figure -- total FUTA & SUTA 6302.1100 5-8 The state taxable bases are given on pages 5-12 & 5-13 IOWA 0.500 a Rowland FUTA tax 22000.0000 1320.0000 0.500 a Rowland SUTA tax 22000.0000 1012.0000 0.500 a Rowland Total 2332.0000 KANSAS 0.500 b Ford FUTA tax 29500.0000 21500.0000 480.0000 0.500 b Ford SUTA tax 29500.0000 21500.0000 408.0000 0.500 b Ford Total 888.0000 Total Unemployment tax 1444.0000 Check figure -- total FUTA & SUTA 1504.0000 5.000 5-10 Use 5-10 sheet 5.000 5-12 Use 5-12 sheet 5-14 Marlene Grady partner not considered an employee Per Chapter 2 you always convert any monthly, quarterly, etc. salary to an annual salary and then divide by 52 to find a weekly salary. Pauline Monroe partner not considered an employee Monthly times 12 = annual salary divided by 52 = rounded weekly salary 0.500 Rounded Hoffman's weekly salary calculation 0.500 Rounded Drugan weekly salary calculation Accumulated wages after 40th pay (prior pay) 0.250 Hoffman 0.0000 0.250 Drugan 0.0000 Beiter Example 180.0000 40.0000 7200.0000 180.0000 0.0000 over accumulated wages of $7000 for FUTA taxable $180 for SUTA and 0 for FUTA 0.250 Egan 0.0000 0.250 Lin 0.0000 Accumulated wages after 41st pay (current pay) 0.250 Hoffman 0.0000 0.250 Drugan 0.0000 Beiter Example 180.0000 0.0000 180.0000 0.0000 over accumulated wages of $7000 for FUTA taxable $180 for SUTA and 0 for FUTA 0.250 Egan 0.0000 0.250 Lin 0.0000 Use the above information to calculate the WEEKLY FUTA and SUTA for Week 41 Employee OASDI & HI Rounded HI $ TAX None of the employees have accumulated wages near $113,700; so all paid OASDI this pay 0.125 Hoffman a) 0.125 Drugan a) Beiter Example 180.0000 7.5600 2.6100 a) 0.125 Egan a) 0.125 Lin a) Employer OASDI & HI b) On first $8100 0.0310 Total SUTA 0.125 Hoffman 0.125 Drugan Beiter Example 180.0000 0.0310 5.5800 0.125 Egan 0.125 Lin TOTAL SUTA TAX c) on first 7000 0.0060 Total FUTA 0.125 Hoffman 0.125 Drugan Beiter Example 0.0000 0.0060 0.0000 0.125 Egan 0.125 Lin TOTAL FUTA TAX 0.0000 d) TOTAL SUTA, FUTA, & EMPLOYER OASDI & HI 0.0000 e) 106.4200 5-16 6.000 5-16 use 940 form on 940 and 940 SCH A sheets Check figure -- total EMPLOYER OASDI, HI, FUTA & SUTA 30.000 0.0000 30.0000 You must first complete the table below to EXCLUDE any amounts over 7000 or any other amount not included for unemployment Given Salary Totals Included for Unemployment Excluded for Unemployment The first 8100 is taxable for SUTA at 3.1% The first 7000 is taxable for FUTA at .008 You always check the accumulated wages after the prior pay to determine taxable for FUTA and SUTA the current week SUTA Taxable this week FUTA Taxable this week Taxable amounts
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  • Spring '14
  • Madrid Metro, Metropolitana di Napoli, FUTA, futa tax, net FUTA tax

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