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The Federal Unemployment Tax Act (FUTA) is a payroll tax paid by employers on employee wages. The tax is 6.0% on the first $7,000 an employee earns 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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onyebuchinnaji

The amount paid by Walmart annually in the Federal Unemployment Tax Act (FUTA) taxes is $630 million.

Amount paid by Walmart annually

The amount paid by Walmart annually in the Federal Unemployment Tax Act (FUTA) taxes is calculated as follows;

A = rnE

where;

  • r is the rate
  • n is number of employees
  • E is the annual earnings of the employees

A = (0.06) x (1.5 x 10⁶) x ( $7,000)

A = $630,000,000

A = $630 million

Learn more about taxes here: https://brainly.com/question/1775528

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