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 Federal unemployment Tax Payable
To find the Federal Unemployment Tax Payable, you need to first calculate the total gross earnings multiplied by the federal unemployment tax rate.
Total gross earnings: $2,462.00
Federal unemployment tax rate: 0.8%
Federal Unemployment Tax Payable = Total gross earnings x Federal unemployment tax rate
Federal Unemployment Tax Payable = $2,462.00 x 0.008
Federal Unemployment Tax Payable = $19.696
Therefore, the Federal Unemployment Tax Payable for Romac Electric would be $19.696.