Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in september 2019, manson paint corporation began

In September 2019, Manson Paint Corporation began operations in a state that requires new employers of...

60.1K

Verified Solution

Question

Accounting

In September 2019, Manson Paint Corporation began operations ina state that requires new employers of one or more individuals topay a state unemployment tax of 3.5% of the first $7,000 of wagespaid each employee.

An analysis of the company's payroll for the year shows totalwages paid of $177,610. The salaries of the president and the vicepresident of the company were $20,000 and $15,000, respectively,for the four-month period, but there were no other employees whoreceived wages in excess of $7,000 for the four months. Included inthe total wages were $900 paid to a director who only attendeddirector meetings during the year, $6,300 paid to the factorysuperintendent, and $2,000 in employee contributions to a cafeteriaplan made on a pretax basis-for both federal and state.

In addition to the total wages of $177,610, a payment of $2,430was made to Andersen Accounting Company for an audit it performedon the company's books in December 2019. Compute the following;round your answers to the nearest cent.

a. Net FUTA tax$
b. SUTA tax$

Answer & Explanation Solved by verified expert
4.1 Ratings (538 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

You have just been offered a contract worth $ 1.24 million per year for 7 years.?...

Basic Math
1.2K views

show that a 2x2 complex matrix A is nilpotent if and only if Tr(A)=0 and Tr(A^2)=0....

Medical Sciences
1.2K views

A vaccine for Coronavirus is likely to take a longer time than imagined, because the most...

Mechanical Engineering
1.2K views

The strains of prismatic beam made of extruded polycarbonate were measured using multiple strain gauges. When...

Advance Math
1.2K views

Directions: Annual Percentage Yield (APV). Find the annual percentage yield (to the nearest 0.01%) in each...

Biology
1.2K views

5 Strict quarantine is key to stopping disease before a vaccine is developed True or...

Calculus
1.2K views

20 1 point Graph each function f x 2 4 3 x 2 T 6...

Calculus
1.2K views

larger x value 13 0 13 Points Draw a diagram to show that there are...

Accounting
1.2K views

Qu asiento de diario refleja el asiento de ajuste necesario el 31 de diciembre?: Es...

Accounting
1.2K views

5. [Para....

Accounting
1.2K views

Must be one page or more please don't miss any information! thank you!!! number 5!...

Accounting
1.2K views

A client was away for the weekend and thieves broke in and caused major damage....