Instruction 5-1 Use the Net FUTA Tax Rate of 0.6% on the on the First

question 43

Essay

Instruction 5-1
Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages.
​
-Refer to Instruction 5-1.Stys Company's payroll for the year is $1,210,930.Of this amount,$510,710 is for wages paid in excess of $7,000 to each individual employee.The SUTA tax rate for the company is 3.2% on the first $7,000 of each employee's earnings.
a)The amount of FUTA tax for the year is __________.
b)The amount of SUTA tax for the year is __________.

---

Definitions:

Valid Contract

An agreement that meets all legal requirements, including offer, acceptance, consideration, and the intention to create a legal relationship, thereby enforceable by law.

Courts

Institutions that administer justice through the interpretation and application of laws.

Fraudulent Misrepresentation

The act of deliberately providing false information or deceiving another party, leading to harm or loss.

Odometer

An odometer is a device used to measure the distance traveled by a vehicle, typically recorded in miles or kilometers.