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The fedreal uneployment tax act is a payroll by employers on employees wages. The tax 6.0% on the first $7,000 an employee earn each year. If walmart has 1.5 million employees in the U.S., about how much does it pay in FUTA taxes annually

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Answer:

The U.S. pays $630,000,000 (or six hundred thirty million dollars) in FUTA taxes annually.

Step-by-step explanation:

First, we must find 6% of $7,000 to find the annual taxes per employee.

7,000 x 0.06 = $420

Therefore, each employee gets $420 in taxes per year.

Since there are 1.5 million employees, we need to multiply $420 by 1.5 million.

1,500,000 x 420 = $630,000,000

Therefore, the U.S. pays $630,000,000 in FUTA taxes annually.

Hope this helps! :D

Tax paid to FUTA annually by 1.5 million employee is $630000000.

Converting percentage to decimal

Percent is the ratio or a fraction in which the whole is always taken as 100.

To convert a percentage to decimal, we follow the following step

  • Step 1: Remove the percentage sign(%)
  • Step2: Put a decimal point by taking two jumps from the right side toward the left.

According to the given question

Tax 6.0% on the first $7,000 an employee earn each year.

⇒ 6% of $7000 = [tex]\frac{6}{100}[/tex]× $7,000 = $420

⇒ The tax of $420 an employee pay each year.

Therefore, the tax paid by 1.5 million of employees = 1500000 ×$420 = $630000000.  (1million = 1000000)

Hence, tax paid to FUTA annually by the 1.5 million employee will be $630000000.

Learn more about converting percentage here:

https://brainly.com/question/8603771

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