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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%
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 0 Cumulative Pay $130, 900 36, 900 4,000 John W 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 Compute the amounts in this table for each employee. Pay Subject to Pay Subject FICA Social to FICA Security Medicare Pay Subject to FUTA Pay Subject to SUTA Taxes Taxes Employee Ken S Cumulative Pay $ 6,000 40,400 87,000 143,500 Tim V Steve S Michelle W Michael M Zach R Lorik Kitty O John W 106,900 128,400 130,900 36,900 4,000 684,000 $ Totals $ 0 $ 0 $ 0 $ 0
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