FUTA Taxes Imposed on Employers

Related BrainMass Solutions

• Payroll Tax Information and Adjustments

  Following is a list of typical payroll taxes although there are differences from state to state. 1. FICA and Medicare are federally imposed taxes paid by employees and matched by employers.

• Claiming FUTA Credit

  The solution explains the requirement necessary for an employer to claim the 5.4% credit on FUTA taxes.

• Payroll taxes

  (b) Amount of the employer's Fica taxes for the weekly payroll (c) Amount of state unemployment contributions for the weekly payroll (d) Amount of the net Futa tax on the payroll (e) Total amount of the employer's payroll taxes for the weekly payroll

• Payroll Taxes: Employees and Employers

  228956 Payroll Taxes: Employees and Employers What are the payroll taxes paid by employees? What are the payroll taxes paid by the employer?

• Payroll Tax Calculations

  The FUTA and SUTA taxes are subject only to the first $7,000 of earnings. The calculation of the FUTA and SUTA taxes are shown in the spreadsheet. .8% and 2.15% are the percentages. It is helpful that these calculations are in Excel.

• Classifying Liabilities and Preparing Payroll Entries

  Payroll Taxes Payable 1,806 (To record payroll taxes on accrued payroll through September) Note: FYI On October 1 or thereafter, when the employee is paid, the journal entries for the

• Payroll Tax Overview

  Employers are responsible for FUTA, Income, Social Security, and Medicare.

• Payroll tax expense

  earnings includes: FICA Social Security taxes of 6.2% on the first $84,900 plus 1.45% FICA Medicare on all wages; 0.8% federal unemployment taxes on the first $7,000; and 2.5% state unemployment taxes on the first $7,000.

• Unemployment taxes

  170003 Unemployment Taxes Due to its experience rating. Toya Inc. is required to ay unemployment taxes on its payroll as follows: a. Under SUTA for Illinois on taxable payroll of $18,000 the contribution rate is 4%. b.