24 Dec Olney Company is a small manufacturing firm locate
Olney Company is a small manufacturing firm located in Allentown, Pennsylvania. The company has a workforce of both hourly and salaried employees. Each employee is paid for hours actually worked during each week, with the time worked being recorded in quarter-hour increments. The standard workweek consists of 40 hours, with all employees being paid time and one-half for any hours worked beyond the 40 regular hours. Wages are paid every Friday, with one week s pay being held back by the company. Thus, the first payday for Olney Company is January 14 for the workweek ending January 8 (Saturday). Below is the payroll register for unemployment taxes (FUTA and SUTA) for the pay of January 14. Compute the following: If required, round your answers to the nearest cent. a. Net FUTA tax. Since this is the first pay period of the year, none of the employees are near the $7,000 ceiling; therefore, each employee s gross earnings is subject to the FUTA tax. Net FUTA tax = $ b. SUTA tax. Since Olney Company is a new employer, Pennsylvania has assigned the company a contribution rate of 3.6785% on the first $8,500 of each employee s earnings. Employees pay 0.07% on total gross pay. SUTA tax = $ Employees SUTA tax rate = $
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