Question
How do I figure FUTA/SUTA earnings? This is what my book gives:
James Company has three employees .Its payroll information is given below.
Employee Earnings Prior October
to October Earnings
Donald Robinson: $6050 $1200
OASDI Earnings FUTA/SUTA Earnings
$1200 $950
Tax Rate Ceiling
FICA
OASDI 6.2% $97500
Medicare 1.45% No Ceiling
FUTA 2.6% 7000
SUTA 3.6% 7000
What I do not understand is how they come up with the $950 for the FUTA/SUTA Earings. Can somebody please show me how they got that for him? I have tried for over three hours and can not figure it out.
James Company has three employees .Its payroll information is given below.
Employee Earnings Prior October
to October Earnings
Donald Robinson: $6050 $1200
OASDI Earnings FUTA/SUTA Earnings
$1200 $950
Tax Rate Ceiling
FICA
OASDI 6.2% $97500
Medicare 1.45% No Ceiling
FUTA 2.6% 7000
SUTA 3.6% 7000
What I do not understand is how they come up with the $950 for the FUTA/SUTA Earings. Can somebody please show me how they got that for him? I have tried for over three hours and can not figure it out.
Answers
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