Question
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%
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.
EmployeeCumulative PayEmployeeCumulative PayEmployeeCumulative PayKen S$6,000Michelle W$143,500Lori K$130,900Tim V 40,400Michael M 106,900Kitty O 36,900Steve S 87,000Zach R 128,400John W 4,000
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.
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