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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
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 Ken S Tim V Steve S Cumulative Pay $ 6,100 40,900 87,500 Employee Julie W Michael M Zach R Cumulative Pay $ 144,000 107,400 137,700 Employee Christina S Kitty 0 John W Cumulative Pay $ 140,300 37,400 a. Compute the amounts in this table for each employee. 4,500 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 FICA Medicare FUTA Taxes SUTA Taxes Security Ken S $ 6,100 Tim V 40,900 Steve S 87,500 Julie W 144,000 Michael M 107,400 Zach R 137,700 Christina S 140,300 Kitty O 37,400 John W 4,500 Totals $ 705,800 $ 0 $ 0 $ 0 $ 0 < Required A Required B >
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