How do find the futa tax on porter earnings

Assignment Help Financial Accounting

Reference no: EM13129871

In April of 2011, Freeman Steel Company transferred Herb Porter from its factor in Tennessee to its plant in South Carolina. The company's SUTA tax rates based on its experience ratings are 3.2% in TN and 3.8% in SC. Both states base the tax on the first $7000 of each employee's earnings. This year Freeman Steel Company paid Herb Porter wages of $9900. $2800 were paid in TN and the rest in SC. How do I find the FUTA tax on Porter's earnings if SC is a credit reduction state?

Reference no: EM13129871

Questions Cloud

How would you a potential investor in firm : The maximize the increase in current earnings per share. How would you as a potential investor in firm using this tactic, be corcerned?

Depreciation by the straight-line method : On January 1, Year 1, JIM Company purchased a machine for $550,000. It had a useful life of 10 years and no salvage value. The machine was depreciated by the straight-line method.

What is the ph of a buffer solution : What is the pH of a buffer solution made with 20 g of acetic acid and 30 g of sodium acetate in 450 mL of water? (Ka = 1.8 x 10-5). If concentrated HCl is added, will the pH increase or decrease?

What are the arguments for and against the alternatives : The parent company's share of the fair value of the net assets of a subsidiary may exceed acquisition cost. How must this excess be treated in the preparation of the consolidated financial statements? What is the reasoning that supports this treat..

How do find the futa tax on porter earnings : This year Freeman Steel Company paid Herb Porter wages of $9900. $2800 were paid in TN and the rest in SC. How do I find the FUTA tax on Porter's earnings if SC is a credit reduction state?

Comparative financial statements : Omicron Co. made a justifiable change in its method of accounting for long-term contracts. The cumulative effect of this change in accounting principle should be reported in comparative financial statements:

Explain how would you advise your client : The video mentions several skills you need in order to be successful in pursuing a career in finance. Explain how would you advise your client assuming a 10% discount rate?

Analyze results using a factorial anova : Cconducting in which you would analyze your results using a factorial ANOVA. Use the appropriate notation to describe the ANOVA you would conduct. Write your response in a Microsoft Word documen.

What is the final volume of the balloon : A balloon is filled to a volume of 7.00 x 102 mL at a temperature of 20.0 oC. The balloon is then cooled at constant pressure to a temperature of 1.00 x 102 K.

User Account

All Pages