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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.
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 $ 5,600 46,400 93,000 Employee Julie W Michael M Zach Cumulative Pay $ 149,500 112,900 137,700 Employee Christina s Kitty 0 Cumulative Pay $ 141,400 42,900 6,500 John W 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 Compute the amounts in this table for each employee. Employee Cumulative Pay Pay Subject to FICA Social Security Pay Subject to Pay Subject to Pay Subject to FICA Medicare FUTA Taxes SUTA Taxes $ Ken s Tim V 5,600 46,400 93,000 Steve S Julie W 149,500 Michael M 112,900 Zach R 137,700 141,400 Christina S Kitty O John W 42,900 6,500 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 $ 5,600 46,400 93,000 Employee Julie W Michael M Zach R Cumulative Pay $ 149,500 112,900 137, 700 Employee Christina S Kitty 0 John W Cumulative Pay $ 141,400 42,900 6,500 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. 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 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. (Round your final answers to 2 decimal places.) Tax Paid by Employee Tax Paid by Employer Total Tax FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxesStep by Step Solution
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