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Mest Company has nine employees. FICA Social Security taxes are 6 . 2 % of the first $ 1 3 2 , 9 0 0

Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $132,900 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.
\table[[Employee,Cumulative Pay,Employee,Cumulative Pay,Employee,Cumulative Pay],[Ken S,$6,500,Julie W,$146,000,Christina S,$133,400
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Lets go through the details and calculations step by step Key Tax Rates FICA Social Security Taxes 62 on the first 132900 of wages FICA Medicare Taxes 145 of gross pay FUTA Taxes 06 on the first 7000 ... blur-text-image

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