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Meat Company has nine employees. FICA Social Security taxes are 6.2% of the first $137700 paid to each employee, and FICA Medicare toxes are 1.45%
Meat Company has nine employees. FICA Social Security taxes are 6.2% of the first $137700 paid to each employee, and FICA Medicare toxes 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 poy for the current year for eoch of its employees follows. a. Compute the amounts in this table for esch employee. b. For the compony, compute each total for FICA Social Security toxes, FICA Medicare toxes, FUTA taxes, and SUTA toxes. Hint. Remember to include in those totals any employee share of toxes that the company must collect. Complete this question by entering your answers in the tabs below. Compute the amounts in this table for each employee. 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.)
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