ABC bookstore employed three different salespeople last year. Person 1 earned $5500 in the first quarter, person 2 earned $7500 in the first quarter, and person 3 earned $6500 in the first quarter. What are the maximum FUTA deductions for the first quarter?
2 answers
Question:
ABC bookstore employed three different salespeople last year. Person 1 earned $5500 in the first quarter, person 2 earned $7500 in the first quarter, and person 3 earned $6500 in the first quarter. What are the maximum FUTA deductions for the first quarter?
Answers
Person 1 earned $5500 in the first quarter person 2 earned $7500 in the first quarter person 3 earned $6500 in the first quarterFUTA stands for Federal Unemployment Tax Act. It is a tax that is levied on employers. These taxes are funds to be used in administering the combined federal or state unemployment compensation program. The FUTA tax rate is 6.2% applied to a maximum cumulative earnings of $7,000.Person 1 and Person 3 are paying FUTA because their earnings are below 7,000.Person 1: 5,500 x 6.2% = 341Person 3: 6,500 x 6.2% = 403Total FUTA 744
Answer: 1178.00Step-by-step explanatio
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