Ask Question
BusinessBusiness
15 June, 11:57

On April 30, 2019, Chung Furniture Company prepared its state unemployment tax return for the first quarter of the year. The firm had taxable wages of$100,500. Because of a favorable experience rating, Chung pays SUTA tax at a rate of 1.4 percent. How much SUTA tax did the firm owe for the quarter?

+3
Answers (1)
  1. 15 June, 12:04
    0
    The amount owed by C Furniture Company towards SUTA taxes for the quarter ending April 30, 2019 is as follows:

    Total taxable wages $100,550

    SUTA tax rate because of favorable experience rating is 1.4%. Therefore, SUTA tax payable for the quarter ending April 30, 2019 is

    While making payment SUTA tax payable account should be debited with corresponding credit entry to cash.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On April 30, 2019, Chung Furniture Company prepared its state unemployment tax return for the first quarter of the year. The firm had ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
g If the MPC is 3/5 then the multiplier is a. 4, so a $100 increase in government spending increases aggregate demand by $400. b. 1.5, so a $100 increase in government spending increases output by $150. c. 2.
Answers (1)
An increase in the financial leverage of a firm as a result of an increase in outstanding debt has which effect on the potential reward to stockholders while increasing the risk of financial distress or bankruptcy?
Answers (1)
How does public key infrastructure add value to an organization seeking to protect information assets?
Answers (1)
Petrenko Corporation has outstanding 2,000 $1,000 bonds, each convertible into 50 shares of $10 par value common stock.
Answers (1)
Which of the following situations represents commodity-backed money? Choose one: A. Dollars are printed on paper and have value because the government says they have value. B. Checks are printed on paper and can be cashed in for printed currency. C.
Answers (1)
New Questions in Business
Silver Trading Corp. recorded a net income of $200,000 for the year 2021. For the same period, the company purchased land for $150,000. It sold some of its long term investments for $50,000 during the period.
Answers (1)
What is the term that refers to a form of wealth that can be stored for the future?
Answers (1)
NewLinePhone Corp. is very risky, with a beta equal to 2.8 and a standard deviation of returns of 32%. The risk-free rate of return is 3% and the return on the market is 11%. NewLinePhone's marginal tax rate is 35%.
Answers (1)
Which of the following is a drawback of setting pay rates based strictly on a pay policy line? A. It increases the administrative burden of managing the compensation system. B. Employees have difficulty interpreting regression analysis. C.
Answers (1)
Long-lived assets are: a) non-operating assets expected to yield their economic benefits (or service potential) over a period longer than one year.
Answers (1)
Home » Business » On April 30, 2019, Chung Furniture Company prepared its state unemployment tax return for the first quarter of the year. The firm had taxable wages of$100,500. Because of a favorable experience rating, Chung pays SUTA tax at a rate of 1.4 percent.
Sign Up Forgot Password?