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Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are
Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 1.75%. The company is preparing its payroll calculations for the week ended September 30. Payroll records show the following information for the company's employees Name Total Pay through 9/23 1. Ahmed 2. Carlos 3. June 4. Marie $115,400 115,485 6,650 22,200 Gross Pay $2,500 1,515 475 1,000 Compute each of the following for the week ended September 30 (round amounts to the nearest cent and show your work for partial credit): 1. Each employee's FICA withholdings for Social Security Ahmed Carlos June Marie 2. Each employee's FICA withholding for Medicare Ahmed Carlos June Marie 3. Emplover's total FICA taxes for Social Security. 4. Employer's total FICA taxes for Medicare. 5. Employer's FUTA taxes. 6. Employer's SUTA taxes
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