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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 Ken S Tim V Steve S $ 5,300 64,700 91,500 Employee Cumulative Pay Michael M $151,000 Erin C Kyle B Employee Cumulative Pay Lori K Kitty o John W $124,000 41,400 8,500 111,400 121,500 a. Compute the amounts in this table for each employee Pay Subject to Pay Subject Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes Cumulative FICA Social to FICA Security Employee Ken S Tim V Steve S Michael M Erin C Kyle B Lori K Kitty O John W Totals Pay Medicare 5,300 64,700 91,500 151,000 111,400 121,500 124,000 41,400 8,500 $719,300 S
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