Exercise $9-11($Algo$)$ Computing payroll taxes LO P$2,$ P$3$

Mest Company has nine employees. FICA Social Security taxes are $6\mathrm{.}2\%$ of the first $$137,700$ paid to each employee, and FICA Medicare taxes are $1\mathrm{.}45\%$ of gross pay. FUTA taxes are $0\mathrm{.}6\%$ and SUTA taxes are $5\mathrm{.}4\%$ of the first $$7,000$ paid to each employee. Cumulative pay for the current year for each of its employees follows.

Employee Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay

Ken S $ $6,400$ Julie W $ $145,500$ Christina S $ $140,600$

Tim V $42,400$ Michael M $108,900$ Kitty O $38,900$

Steve S $89,000$ Zach R $137,700$ John W $6,000$

Compute the amounts in this table for each employee.

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.