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 $132,900 paid to each employee, and FICA Medicare taxes are

image text in transcribedimage text in transcribed

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. Employee Ken S Cumulative Pay $ 6,300 Tim V Steve S 41,900 88,500 Employee Julie W Michael M Zach R Cumulative Pay $145,000 Employee Christina S Cumulative Pay 108,400 Kitty 0 $132,400 38,400 129,900 John W 5,500 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 Pay Subject Pay Subject Employee Ken S Cumulative Pay FICA Social Security to FICA Medicare to FUTA Taxes to SUTA Taxes $ 6,300 Tim V 41,900 Steve S 88,500 Julie W 145,000 Michael M 108,400 Zach R 129,900 Christina S 132,400 Kitty O 38.400 John W 5,500 Totals $ 696,300 Required B >

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

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

More Books

Students also viewed these Accounting questions