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Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137,700 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 $137,700 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 $6,000 40,400 87,000 Employee Julie W Michael Mi Zach R Cumulative Pay $ 143,500 106,900 137,700 Employee Christina St Kitty O John Wi Cumulative Pay $ 140,200 36,900 4,000 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. Hint Remember to include in those totals any employee share of taxes that the company must collect Complete this question by entering your answers in the tabs below. Required A Required B For the company, compute each total for Federal Insurance Contributions Act (FICA) Social Security taxes, Federal Insurance Contributions Act (FICA) Medicare taxes, Federal Unemployment Taxes (FUTA), and State Unemployment Taxes (SUTA). Hint: Remember to include in those totals any employee share of taxes that the company must collect. (Round your final answers to 2 decimal places.) Show less & FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes Tax Paid by Employee Tax Paid by Employer Total Tax Required A 4 Cumulative pay for the current year for each of its employees follows. Employee Ken S Tim V Steve 5 Cumulative Pay $ 6,000 40,400 87,000 Employee Cumulative Pay Julie W Michael M. Zach R $ 143,500 106,900 Employee Christina 5 Kitty O 137,700 John W a. Compute the amounts in this table for each employee. Cumulative Pay $ 140,200 36,900 4,000 b. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Hint Remember to include in those totals any employee share of taxes that the company must collect Complete this question by entering your answers in the tabs below. Employee Cumulative Pay Required A Required B Compute the amounts in this table for each employee. Pay Subject to Pay Subject to Pay Subject to Pay Subject to FICA Social Security FICA Medicare FUTA Taxes SUTA Taxes Ken S $ 6,000 Tim V 40,400 Steve S 87,000 Julie W 143,500 Michael M 106,900 Zach Ri 137,700 Christina S 140,200 Kitty O 36,900 John W 4,000 Totals $ 702,600 $ 0 $ 0 $ 0 $ 0
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