Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mest Company has 9 employees. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45%
Mest Company has 9 employees. FICA Social Security taxes are 6.2% of the first $118,500 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 Cumulative Pay Employee Cumulative Pay Ken S Tim V Steve S $5,100 63,700 90,500 Employee Cumulative Pay Michael M$150,000 Erin C Kyle B Lori K Kitty o John W $123,000 40,400 7,500 110,400 120,500 a. Compute the amounts in this table for each employee Pay Subject to FICA Social Security Pay Subject to FICA Medicare Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes Cumulative Employee Ken S Tim V Steve S Michael M Erin C Kyle B Lori K Kitty John W Totals Pay 5,100 63,700 90,500 150,000 110,400 120,500 123,000 40,400 7,500 S 711,100
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started