Ask Question
BusinessBusiness
4 May, 18:51

Concord Corporation, which has a taxable payroll of $1320000, is subject to FUTA tax of 6.2% and a state contribution rate of 5.4%. However, because of stable employment experience, the company's state rate has been reduced to 2%. What is the total amount of federal and state unemployment tax for Concord Corporation? $153120 $108240 $52800 $36960

+3
Answers (1)
  1. 4 May, 20:03
    0
    The answer is: Concord Corporation's total unemployment taxes (both federal and state) sum $108,240

    Explanation:

    Concord Corporation taxable payroll is $1,320,000

    We first calculate the federal unemployment tax (FUTA) at a 6.2% rate

    FUTA tax 6.2% $81,840

    Then we calculate the state unemployment tax rate, but we use a 2% instead of the normal 5.4%

    State tax $26,400

    This adds up to a total of $108,240 for both the federal and the state unemployment taxes.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Concord Corporation, which has a taxable payroll of $1320000, is subject to FUTA tax of 6.2% and a state contribution rate of 5.4%. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
What law created the federal reserve system? Sherman Antitrust Act Social Security Act Appropriations Act Federal Reserve Act
Answers (1)
To sell short a listed stock in a margin account requires a deposit of: A. 25% of the price of the transaction B. 50% of the price of the transaction C. 25% of the closing price of the security that day D.
Answers (1)
Simmons LLC purchased an office building and land several years ago for $250,000. The purchase price was allocated as follows: $200,000 to the building and $50,000 to the land. The property was placed in service on October 2.
Answers (1)
The probability of getting a 5 when a die is tossed is what type of probability?
Answers (2)
What would you need to consider if you were the purchaser of your company's office supplies
Answers (1)
New Questions in Business
Question 20 if orange juice prices double next year, there will be a rightward shift in the demand for grapefruit juice. rightward shift in the supply of grapefruit juice. leftward shift in the supply of grapefruit juice.
Answers (1)
When groups rely on identity to overcome collective action problems that do so by focusing on individual's self interests and not community interests. Group of answer choices True False
Answers (1)
Is there anyone good in Accounting?
Answers (1)
In Baer Food Co.'s Year 3 single-step income statement, the section titled Revenues consisted of the following: Net sales revenue $187,000 Discontinued operations: Income from operations of component unit (including gain on disposal of $21,600)
Answers (1)
The owner of the new sharp scissors hair salon gave coupons to potential customers walking by her store to stimulate interest and trial of her new hair salon. the coupons are an example of advertising. publicity. sales promotion.
Answers (1)
Home » Business » Concord Corporation, which has a taxable payroll of $1320000, is subject to FUTA tax of 6.2% and a state contribution rate of 5.4%. However, because of stable employment experience, the company's state rate has been reduced to 2%.
Sign Up Forgot Password?