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 transcribedimage text in transcribedimage 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 Ken S Tim v Steve s Cumulative Pay $ 6,400 42,400 89,000 Employee Michelle W Michael M Zach R Cumulative Pay $145,500 108,900 130,400 Employee Lori K Kitty o John W Cumulative Pay $ 132,900 38,900 6,000 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 telow. Required A Required B For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and (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 Tim V Steve s 42,400 89,000 Michael M Zach R 108,900 130,400 Kitty o John W 38,900 6,000 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 ta Required B Required A Compute the amounts in this table for each employee. Pay Subject to Pay Subject Pay Subject to FUTA Pay Subject to SUTA Cumulative FICA Social to FICA Employee Taxes Taxes Pay Security Medicare 6,400 $ 6,400 $ 6,400 $ Ken S $ 6,400 $ 6,400 Tim V 42,400 Steve S 89,000 145,500 Michelle W Michael M Zach R 108,900 130,400 132,900 Lori K Kitty O 38,900 Ken S Tim v Steve s $ 6,400 42,400 89,000 Michelle W Michael M Zach R $145,500 108,900 130,400 Lori K Kitty o John W $132,900 38,900 6,000 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 For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA 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

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions