Peroni Company paid wages of $170,900 this year. Of this amount $114,000 was taxable for net FUTA and SUTA purposes. The state’s contribution tax rate is 3.1% for Peroni Company. Due to cash flow problems, the company did not make any SUTA payments until after the Form 940 filing date. Compute: a. Amount of credit the company would receive against the FUTA tax for its SUTA. $________________________ b. Amount that Peron Company would pay to the federal government for its FUTA tax. $____________________ c. Amount that the company lost because of its late payments. $____________________
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Peroni Company paid wages of $170,900 this year. Of this amount $114,000 was taxable for net FUTA and SUTA purposes. The state’s contribution tax…
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