Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 $132,900

image text in transcribed

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 $132,900 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 S Cumulative Pay $ 5,300 Tim V Steve S 44,900 91,500 Employee Julie W Michael M Zach R Cumulative Pay $148,000 111,400 132,900 Employee Christina S Kitty 0 John W Cumulative Pay $135,400 41,400 8,500 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. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amounts in this table for each employee.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Authors: John Wild, Ken Shaw, Barbara Chiappett

23rd edition

1259536351, 978-1259536359

More Books

Students also viewed these Accounting questions

Question

2. Prevent fights by avoiding crowded work spaces.

Answered: 1 week ago

Question

What is the difference between elastic demand and inelastic demand?

Answered: 1 week ago