Question

Timechex operates as a Nevada business. The employees’ annual earnings for the past calendar year are...

Timechex operates as a Nevada business. The employees’ annual earnings for the past calendar year are as follows: Will, $29,440: Adalia, $36,286: Brian, $19,990; and Amanda, $6,000. What is Timechex's FUTA tax liability for the year?

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Answer #1
FUTA is applicable on first $7000 of annual pay at the rate of 0.60%
Employees Annual salaries Salaries FUTA FUTA
subject to FUTA tax rate @0.60% tax liability
Will 29440 7000 0.60% 42
Adalia 36286 7000 0.60% 42
Brian 19990 7000 0.60% 42
amanda 6000 6000 0.60% 36
Timeclex FUTA tax liability 162
Answer is $162
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