The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan...

60.1K

Verified Solution

Question

Finance

image

The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner) $97,000 S. Kludlow (partner) 86,500 N. Perry (supervisor) 54,900 T. Lee (factory worker) 38,900 R. Rolf (factory worker) 29,000 D. Broch (factory worker) 6,400 S. Ruiz (bookkeeper) 24,100 C. Rudolph (maintenance) 5,000 In addition, the partnership owed $150 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following: Round your answers to the nearest cent. a. Net FUTA tax for the partnership for this year b. SUTA tax for this year The partnership of Keenan and Kludlow paid the following wages during this year: M. Keenan (partner) $97,000 S. Kludlow (partner) 86,500 N. Perry (supervisor) 54,900 T. Lee (factory worker) 38,900 R. Rolf (factory worker) 29,000 D. Broch (factory worker) 6,400 S. Ruiz (bookkeeper) 24,100 C. Rudolph (maintenance) 5,000 In addition, the partnership owed $150 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following: Round your answers to the nearest cent. a. Net FUTA tax for the partnership for this year b. SUTA tax for this year

Answer & Explanation Solved by verified expert
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