# Acellus Academy Federal Unemployment Tax Act Exercise

Description

I am prepping for my final and out of the 100 question study guide these are the questions I could not seem to work out or recall. I am wanting each question worked out with answer and step by step instructions and final answer including if it in some cases may be rounded to the nearest tenth or hundreth

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nal Review
Det
The Federal Unemployment Tax Act (FUTA) specifies that
an employer pay 6% unemployment tax on the first
\$7000 of earned income per employee. If the employer
pays into a state unemployment insurance program,
they will receive a 5.4% credit. The after-credit FUTA tax
rate is therefore 0.6%.
If a business has 25 employees, who each earn more than
\$7000 per year in wages, what is the business’s yearly
FUTA tax payment?
FUTA tax payment = \$ [?]
Round to the nearest hundredth
Enter
क w
O
EI
PER
nal Review
Det
The Federal Unemployment Tax Act (FUTA) specifies that
an employer pay 6% unemployment tax on the first
\$7000 of earned income per employee. If the employer
pays into a state unemployment insurance program,
they will receive a 5.4% credit. The after-credit FUTA tax
rate is therefore 0.6%.
If a business has 25 employees, who each earn more than
\$7000 per year in wages, what is the business’s yearly
FUTA tax payment?
FUTA tax payment = \$ [?]
Round to the nearest hundredth
Enter
क w
O
EI
PER
nal Review

(in \$000)
Begin.
Inv.
Purchases COGS
Calculate the
inventory
depreciation
expense for June
using a 15%
depreciation rate.
60
June
50
20
30
July
40
30
20
August
40
60
B. \$19,500
A. \$4,500
D. \$3,000
C. \$6,500
N
a
O
Final Review
Status
Review
Calculate the net income after corporate income
tax is paid for Quarter 2 from the following income
statement. Use a corporate income tax rate of 21%.
01 (x1000) 22(x1000)
Net Sales 115
175
COGS (33)
(35)
Gross Profit 82
140
(32)
(51)
Pre-tax income 50
89
Net Income = SIDI
130
Final Review
Status
ceview
Using the MACRS rates from the following table,
what is the book value of a \$2,500 computer after 4
years?
Yes MACRS Rate
1
200%
2 320%
3 192%
4
5 1152
book value=[21
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Tags:
insurance program

Federal Unemployment Tax Act

income per employee

FUTA tax payment

FUTA Tax rate

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