Case 1: Notes The Holtby Company purchased product from the Fleury Company in exchange for a $6,000 notes payable on September 1, 20x1. The note is...

D

$ 410

$ 116

$ 26

$ 20

$ 12

$ 12

$ 224

OTHER INFORMATION

a)      Assume that the FUTA rate is 5.8%, that its SUTA rate is 4.8% and that the full state rate can be used as a credit against the federal rate.

b)     Assume that all wages are subject to federal and state unemployment taxes and that all wages are subject to FIC taxes. Round to the nearest dollar (do not include cents).

REQUIRED:

a)      Calculate the employer and employee liabilities.