Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows.
image text in transcribed
image text in transcribed
image text in transcribed
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 Cumulative Pay Kn55, Tim v 44,400 Steve s 91,000 Employee Michelle W Michael M Zach R Cumulative Pay $147,500 Employee Lorik Kitty O John W Cumulative Pay $134,900 40,900 8.00 132,400 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 FICA Social Security $ 5,200 Cumulative Pay | $ 5 200 Pay Subject to FICA Medicare $ 5, 200 Pay Subject Pay Subject to FUTA to SUTA Taxes Taxes $ 5.200 $ 5200 Employee Ken S | 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 SUTA Taxes $ 5,200 7,000 7,000 Pay Subject to Cumulative FICA Social Pay Security 5,200 $ 5,200 44,400 44,400 91.000 91.000 147,500 110,9007 110,900 132,4007 134.900 40,900 40,900 8,000 8.0001 715,200 $ 300.400 Employee Ken S Tim V Steve S Michelle W Michael M Zach R Lorik Kitty O John W Totals Pay Subject to FICA Medicare $ 5,200 44,400 91,000 147.500 110,900 132.400 134.900 40,900 8,000 S 715 200 Pay Subject to FUTA Taxes $ 5,200 7,000 7,000 7.000 7,000 7.000 7,000 7,000 7,000 7,000 7.000 7.000 $ 54,200 $ 54,200 Required B > 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.) Tax Paid by Employee Tax Paid by Employer Total Tax FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Crm

Authors: Bryan Bergeron

1st Edition

0471206032, 978-0471206033

More Books

Students also viewed these Accounting questions

Question

What has been your desire for leadership in CVS Health?

Answered: 1 week ago

Question

Question 5) Let n = N and Y Answered: 1 week ago

Answered: 1 week ago