For each of the following independent circumstances calculate both the FUTA and

Question

For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer:

NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation.

1:An employer in The U.S. Virgin Islands employs two individuals, whose taxable earnings to date (prior to the current pay period) are $5,100 and $6,900. During the current pay period, these employees earn $1,650 and $2,800, respectively. The applicable SUTA tax rate is 1.5%, and the U.S. Virgin Islands SUTA threshold is $23,500.

FUTA tax = $
SUTA tax = $

2:An employer in Newark, New Jersey employs three individuals, whose taxable earnings to date (prior to the current pay period) are $26,200, $31,600, and $6,850. During the current pay period, these employees earn $3,600, $2,280, and $1,790, respectively. The applicable SUTA tax rate is 3.4%, and the New Jersey SUTA threshold is $33,500.

FUTA tax = $
SUTA tax = $

3:An employer in Cincinnatti, Ohio employs two individuals, whose taxable earnings to date (prior to the current pay period) are $4,900 and $7,700. During the current pay period, these employees earn $3,000 and $1,500, respectively. The applicable SUTA tax rate is 2.5%, and the Ohio SUTA threshold is $9,000.

FUTA tax = $
SUTA tax = $

4:An employer in Juneau, Alaska employs three individuals, whose taxable earnings to date (prior to the current pay period) are $35,600, $41,300, and $5,200. During the current pay period, these employees earn $3,700, $3,850, and $1,450, respectively. The applicable SUTA tax rate is 2.5%, and the Alaska SUTA threshold is $39,800.

FUTA tax = $
SUTA tax = $

Explanation / Answer

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