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Looking for a solution to this question Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each
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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. 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 Tax Paid by by Employee Employer 40,703.00 X $ 40,703.00 9,918.00 9,918.00 $ 81,406.00 FICA Social Security taxes FICA Medicare taxes 19,836.00 FUTA taxes 0.00 354.00 354.00 SUTA taxes 0.00 3,186.00 3,186.00Step by Step Solution
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