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 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 $ 6,000 40,400 87,000 Employee Michelle W Michael M Zach R Cumulative Pay $143,500 106,900 128,400 Employee Lori K Kitty 0. John W Cumulative Pay $130,900 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. X Answer is complete but not entirely correct. 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. (Round your final answers to 2 decimal places.) Total Tax Tax Paid by Employee $ 41,316.80 Tax Paid by Employer $ 41,316.80 FICA Social Security taxes $ 82,633.60 FICA Medicare taxes 9,918.00 9,918.00 19,836.00 FUTA taxes 0.00 128,400.00 X 128,400.00 SUTA taxes 0.00 128,400.00 128,400.00

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_2

Step: 3

blur-text-image_3

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

Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

4th Edition

0470534788, 978-0470534786

More Books

Students also viewed these Accounting questions