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Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages.

Faruga Company had FUTA taxable payrolls for the four quarters of $38,400; $29,600; $16,500; and $8,900, respectively. What was the amount of Faruga's first required deposit of FUTA taxes?

Respuesta :

Answer:

$42

Explanation:

FUTA  is calculated on taxable wages that fall under $7000 in the quarter. Income above the $7000 limit are not taxed

FUTA rate = 0.6%

Quarterly  salary          $38,400           $29,600            $16500             $8,900

Basis for FUTA           $7000              $7000             $7000              $7000

FUTA                               $42                   $42                 $42                 $3

First deposit =$42

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