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 $128.400 paid to each employee and FICA Medicare taxes are 1.45%

image text in transcribed
image text in transcribed
image text in transcribed
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 Kens Tin v Steve S Cumulative Pay $ 5,300 44,900 91,500 Employee Michelle W Michael M Zach R Cumulative Pay $140,000 111,400 132,900 Employee Lori K Kitty 0 John W Cumulative Pay $135,400 41,400 8,500 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 FICA Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes Medicare Employee Ken S Tim V Steve S Michellow Pay Subject to Cumulative FICA Social Pay Security 5 5,300 44,900 91,500 148,000 111 400 Michael M 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 s 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 FUTA Pay Subject to SUTA Taxes Taxes Employee Ken S Tim V Steve S Michelle W Michael M Pay Subject to Pay Subject Cumulative FICA Social to FICA Pay Security Medicare $ 5,300 44,900 91 500 148,000 111,400 132,900 135,400 41,400 8,500 $ 719,300 $ 0 $ 0 Zach R Lorik Kitty John W Totals $ 0 S 0 Required A Required B > 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 SUTAL Complete this estio 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. (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 taxes

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

Sound Investing, Chapter 5 - Cost Allocation

Authors: Kate Mooney

8th Edition

007171927X, 9780071719278

More Books

Students also viewed these Accounting questions