Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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. Employee Ken S Tim v Steve 5 Cumulative Pay $ 6,000 40,400 87,000 Employee Julie w Michael M Zach R Cumulative Pay $ 143,500 106,900 137,700 Employee Christina S Kitty o John W Cumulative Pay $ 140,200 36,900 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. 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 Federal Insurance Contributions Act (FICA) Social Security taxes, Feder Contributions Act (FICA) Medicare taxes, Federal Unemployment Taxes (FUTA), and State Unemployment Taxes ( Remember to include in those totals any employee share of taxes that the company must collect. (Round your fir to 2 decimal places.) Tax Paid by Employee $ 40,703.00 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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started