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Peroni Company paid wages of $170,900 this year. Of this amount, $114,000 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 3.1% for Peroni Company. Due to cash flow problems, the company did not make any SUTA payments until after the Form 940 filing date. Compute the following; round your answers to the nearest cent.

a. Amount of credit the company would receive against the FUTA tax for its SUTA contributions
$

b. Amount that Peroni Company would pay to the federal government for its FUTA tax
$

c. Amount that the company lost because of its late payments
$

a. (Taxable wages x SUTA rate x 90%) + [Taxable wages x (5.4% -SUTA rate)] = Total FUTA tax credit
b. (Taxable wages x FUTA rate) – Total FUTA tax credit (part a above) = Net FUTA tax
c. Net FUTA tax – FUTA tax without penalty = penalty

Respuesta :

Willchemistry

hey there!:

1)

a) Amount of credit the company would receive against the FUTA tax for its SUTA contributions = 2896.21

(56900*3.1%*90%)+(56900*(5.4%-3.1%)) = 2896.21

b)  Amount that Peroni Company would pay to the federal government for its FUTA tax = 517.79

(56900*6%)-2896.21 = 517.79

c) Amount that the company lost because of its late payments = 176.39

=517.79-(3414-1763.9-1308.7) = 176.39

Hope that helps!

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