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 $127,200 paid to each employee, and FICA Medicare taxes are 1.45%

image text in transcribedimage text in transcribed

Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 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 Employee Cumulative Pay Lori K Kitty o John W $ 5,200 46,800 91,000 Miche1le W$147,500 Michael M zach R Ken S Tim V Steve S $133,700 40,900 8,000 110,900 131,200 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 Pay Subject to FICA Medicare Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes Cumulative Employee Ken S Tim V Steve S Michelle W Michael M Zach R Lori K Kitty O John W Totals Pay 5,200 46,800 91,000 147,500 110,900 131,200 133,700 40,900 8,000 $715,200 Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 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 Employee Cumulative Pay Lori K Kitty o JohnW $5,200 46,800 91,000 Michelle W$147,500 Michael M Zach R $133,700 40,900 8,000 Ken S Tim v Steve S 110,900 131,200 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 ARequired 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_2

Step: 3

blur-text-image_3

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

Managerial Accounting And Analysis In Multinational Enterprises

Authors: H. Peter Holzer, Hanns Martin W. Schoenfeld

1st Edition

0899250874, 978-0899250878

More Books

Students also viewed these Accounting questions

Question

5. Understand how cultural values influence conflict behavior.

Answered: 1 week ago

Question

e. What do you know about your ethnic background?

Answered: 1 week ago