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Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 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 Employee Ken S Tim V Steve S Cumulative Pay $ 6,400 50,400 97,000 Employee Michelle W Michael M Zach R Cumulative Pay $153,500 116,900 138,400 Lori K Kitty o John W Cumulative Pay $140,900 46,900 14,000 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. 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 Cumulative FICA Social Employee Pay Security Pay Subject to FICA Medicare Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes Ken S $ 6,400 Tim V 50,400 Steve S 97,000 Michelle W 153,500 Michael M 116,900 Zach R 138,400 Lori K 140,900 Kitty O 46,900 John W 14,000 Totals $ 764,400 $ 0 $ 0 $ 0 $ < Required A Required B >
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