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n/takeAssignment/takeAssignment Main.do?invoker=&takeAssignment Session Locator=&inprogress=false Q ☆ eBook Print Item Problem 9-15 The FUTA Tax (LO 9.6) Thomas is an employer with two employees, Patty and Selma. Patty's wages are $12,450 and Selma's wages are $3,110. The state unemployment tax rate is 5.4 percent. Calculate the following amounts for Thomas: Round your answer to two decimal places. a. FUTA tax before the state tax credit $ 498.6 X b. State unemployment tax 448.74 X FUTA tax after the state tax credit $ C. 49.86 X Feedback ✓ Check My Work The Federal Unemployment Tax Act (FUTA) instituted a tax that is not withheld from employees' wages, but instead is paid in full by employers. The federal unemployment tax rate is statutory percent of an employee's wages up to statutory threshold. If a state also assesses an unemployment tax, a credit is allowed for state unemployment taxes. Employers report their FUTA liability for the year on Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. Like federal income tax withholding and FICA taxes, federal unemployment taxes must be deposited by electronic funds transfer (EFTPS). A deposit is required when the FUTA taxes for the quarter, plus any amount not yet deposited for the prior quarter(s), exceed $500. If required, the deposit must be made by the last day of the month after the end of each quarter. Previous Next Check My Work 4 more Check My Work uses remaining. All work saved. Save and Exit Submit Assignment for Grading M 31 2:59