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Note: For this edition, the 2014 federal income tax tables, FICA rates, OASDI rate of 6.2% on wages up to $117,000 and the employee and employer HI rate of 1.45% on all wages was used. Unless instructed otherwise, click here to calculate hourly rate and overtime rates. Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers. Peyton Company's payroll for the year is $737,910. Of this amount, $472,120 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: Round your answers to the nearest cent.

a. Net FUTA tax $

b. Net SUTA tax $

c. Total unemployment taxes $

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M91961014

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