Based on the payroll information for Romac Electric that follows:
Total gross earnings: $2,462.00
Social Security tax rate: 6.2%
Medicare tax rate 1.45%
State unemployment tax rate 5.4%
Federal unemployment tax rate 0.8%
Find the State Unemployment Tax Payable
To find the State Unemployment Tax Payable, we need to multiply the total gross earnings by the state unemployment tax rate.
State Unemployment Tax Payable = Total gross earnings * State unemployment tax rate
State Unemployment Tax Payable = $2,462.00 * 0.054
Calculating the State Unemployment Tax Payable:
State Unemployment Tax Payable = $132.97
The State Unemployment Tax Payable for Romac Electric is $132.97.