Exercise 9-11 (Algo) Computing payroll taxes LO P2, P3 Kens Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137700 paid to each employee, and FICA Medicare taxes are 145% 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 Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay $ 5,300 Julle w $ 148,000 Christina s $ 141,100 Tim V 44,900 Michael M 111,400 Kitty O 41,400 Steve s 91,500 Zach R 137,700 John W 5,000 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 Cumulative Pay Subject to Pay Subject to Pay Subject to Pay Subject to Employee Pay FICA Social FICA Medicare Security FUTA Taxes SUTA Taxos Kens 5 5,300 $ 5.300 $ 5.300 s 5,300 $ 5,300 Tim V 44 900 44.900 44.900 7.000 7.000 Steve S 91,500 91.500 91.500 7.000 7.000 Julie W 140,000 140,000 14,8001 7,000 7.000 Michael M 111,400 111.400 111,400 7.000 7.000 Zach R 137,700 137.700 7.000 7.000 Christinas 141.100 7.000 7,000 Kity o 41.400 70001 7,000 John W 5,000 Totals $ 726,300 5 401,100 $ 405,6005 54,3005 61,300 Required 8 > 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 Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay Kens $5,300 Julie N $ 148,000 Christina s 5 141,100 Tim 44,900 Michael 111,400 Kitty o 41,400 Steve s 91,500 Zach R 137,700 John 5,000 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 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. (Round your final answers to 2 decimal places.) Tax Paid by Tax Paid by Total Tax Employee Employer FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes
