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CFG Company has the following employees:

Wages Paid
Eddie $12,000
Melanie 6,000
Shelly 22,000

CFG receives the maximum credit for state unemployment taxes. Required: What is the FUTA tax that CFG Company would owe for the year?

Respuesta :

jepessoa

Answer:

$120

Explanation:

FUTA taxes = 6% - 5.4% (maximum credit for state unemployment taxes) = 0.6%

FUTA taxes are collected on the first $7,000 of annual salary paid to the employees

total FUTA tax liability:

  • Eddie $7,000  x 0.6% = $42
  • Melanie $6,000   x 0.6% = $36
  • Shelly $7,000  x 0.6% = $42
  • total = $120

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