Exercise 9-9 Computing payroll taxes LO P2, P3 Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 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 Tim V Steve s Cumulative Pay $ 6,000 40,400 87,000 Employee Michelle W Michael M Zach R Cumulative Pay $143,500 106,900 128,400 Employee Lori K Kitty o John W Cumulative Pay $ 130,900 36,900 4,000 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. LUIT ICLE LIIS quesLIUII Wy Ellen my your answers II Le laus Venuw. Required A Required B Compute the amounts in this table for each employee. Pay Pay Subject to FUTA Pay Subject to SUTA Xes Taxes $ $ Employee Ken S Tim V Steve S Michelle W Michael M Zach R Lori K Kitty O John W Totals Subject to FICA Social Security $ 6,000 60,200 87,000 143,500 106,900 118,500 X 121,000 36,900 4,000 $ 684,000 Cumulative Pay $ 6,000 40,400 87,000 143,500 106,900 128,400 130,900 36,900 4,000 $ 684,000 6,000 7,000 7,000 7,000 Pay Subject to FICA Medicare $ 6,000 60,200 X 87,000 143,500 106,900 118,500 121,000 X 36,900 4,000 $ 684,000 Taxes 6,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 4,000 59,000 7,000 7,000 7,000 7,000 4,000 59,000 $ $ Required A Required B > 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. Answer is not complete. 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. (Round your final answers to 2 decimal places.) Total Tax Tax Paid by Employee $ 40,672.00 Tax Paid by Employer $ 6.20 $ 40,678.20 FICA Social Security taxes FICA Medicare taxes FUTA taxes 59,000.00 X 0.60 X 59,000.60 SUTA taxes