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Complete the question by entering your answers in the tabs below. Check my work Exercise 9-11 (Algo) Computing payroll taxes LO P2, P3 Mest Company
Complete the question by entering your answers in the tabs below.
Check my work Exercise 9-11 (Algo) Computing payroll taxes LO P2, P3 Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Ken 5 Tim v Steve S Cumulative Pay $ 5,000 43,400 90,000 Employee Julie W Michael M Zach R Cumulative Pay $ 146,500 109,900 137, 700 Employee Christina s Kitty o John W Cumulative Pay $ 140,800 39,900 6,600 a. Compute the amounts in this table for each employee. b. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Hint Remember to include in those totals any employee share of taxes that the company must collect. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amounts in this table for each employee. Employee Pay Subject to Pay Subject to Pay Subject to FICA Medicare FUTA Taxos SUTA Taxes Cumulative Pay Subject to Pay FICA Social Security $ 5,000 43,400 Kon 5 Tim v Prev 9 of 9 835 Next taxes. Hint. Remember to include in those totals any employee share of taxes that the company must collect. Complete this question by entering your answers in the tabs below. 2 ts Required A Required B eBook Hint Compute the amounts in this table for each employee. Print References Employee Pay Subject to Pay Subject to Pay Subject to FICA Medicare FUTA Taxos SUTA Taxes KenS Tim V Steve S Julie W Cumulative Pay Subject to FICA Social Pay Security $ 5,000 43,400 90,000 146,500 109,900 137,700 140,800 39,900 6,600 $ 719,800 $ 0 Michael M Zach R Christina S Kitty O John W Totals $ 0 $ 0 $ [Mc Graw Hill 11.12 points Complete this question by entering your answers in the tabs below. eBook Required A Required B Hint For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and Remember to include in those totals any employee share of taxes that the company must collect. (Round yo to 2 decimal places.) Print References Tax Paid by Employee Tax Pald by Employer Total Tax FICA Social Security taxes FICA Medicare tax FUTA taxes SUTA taxes Step by Step Solution
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