Concord corporation, which has a taxable payroll of $132, is subject to futa tax of 6.2% and a state contribution rate of 5.4%. however, because of stable employment experience, the company’s state rate has been reduced to 2%. what is the total amount of federal and state unemployment tax for concord corporation? $153120 $108240 $52800 $36960

The answer is: Concord Corporation´s total unemployment taxes (both federal and state) sum $108,240

Explanation:

Concord Corporation taxable payroll is $1,320,000

We first calculate the federal unemployment tax (FUTA) at a 6.2% rate

         FUTA tax 6.2%                                                   $81,840

Then we calculate the state  unemployment tax rate, but we use a 2% instead of the normal 5.4%

         State tax                                                              $26,400

This adds up to a total of $108,240 for both the federal and the state unemployment taxes.

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