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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 8
Computing FUTA tax.
On January 31, Giovanni Accountancy Corp. prepared its Employer's Annual Federal Unemployment Tax Return, Form 940. During the previous year, the business paid total wages of $396,500 to its nineteen employees. Of this amount, $128,692 was subject to FUTA tax. Using a rate of 0.8 percent, determine the FUTA tax owed and the balance due on January 31, 2013, when Form 940 was filed. A deposit of $750 was made during the year.
On January 31, Giovanni Accountancy Corp. prepared its Employer's Annual Federal Unemployment Tax Return, Form 940. During the previous year, the business paid total wages of $396,500 to its nineteen employees. Of this amount, $128,692 was subject to FUTA tax. Using a rate of 0.8 percent, determine the FUTA tax owed and the balance due on January 31, 2013, when Form 940 was filed. A deposit of $750 was made during the year.
Explanation
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The amount of FUTA tax payable by G Acco...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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