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 pald 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 pald 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 $ $ 5,200 Julie W $ 147,500 Christina s $ 141,000 44,400 Michael M 110,900 Kitty o 40,900 92,000 Zach R 137,700 John 4,500 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. Hint Remember to include in those totals any employee share of taxes that the company must collect. Tim v Steve S 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 Cumulative Pay Subject to FICA Social Pay Subject to Pay Subject to Pay Subject to Pay FICA Medicare FUTA Taxes SUTA Taxes Security Kons $ 5,200 Timv 44.400 Steve S 91,000 Julie W 147.500 Michael M 110.900 Zach R 137.700 Christina S 141,000 Kitty 40,900 John W 4,500 Totals $ 723.100 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 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. Pmployee Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay Kens $ 5,200 Julie W $ 147,500 Christinas $ 141,000 Tim v 44,400 Michael M 110,900 Kitty o 40,900 91,000 Zach R 137,700 John W 4,500 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. Hint. Remember to include in those totals any employee share of taxes that the company must collect. Steve s 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 Pald by Employee Tax Pald by Employer Total Tax FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes
