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Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $132,900 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 $132,900 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 $ 6,500 42,900 89,500 Employee Julie W Michael M Zach R Cumulative Pay $146,000 109,400 130,900 Employee Christina s Kitty 0 John W. Cumulative Pay $133,400 39,400 6,500 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 Pay Subject to FICA Social Pay Subject Pay Subject Pay Subject Cumulative to FICA to FUTA to SUTA Employee Taxes Taxes Pay 6,500 Medicare $ 6,500 $ Ken s $ 6,500 $ Tim V 42,900 89,500 Security $ 6,500 42,900 89,500 146,000 X 109,400 6,500 7,000 7,000 Steve S 42,900 89,500 132,900 X 109,400 7,000 7,000 146,000 X 7,000 Julie W 146,000 109,400 7,000 7,000 Olo Michael M Zach R 109,400 x 133,400 X 109,400 X 133,400 X 7,000 7,000 Christina S 130,900 133,400 39,400 6,500 704,500 109,400 X 132,900 X 39,400 65,000 X Kitty o 39,400 7,000 7,000 65,000 X John W 65,000 x 65,000 x Totals $ $ 741,500 $ 727,900 $ 488,300 $ 120,500 Total Tax Tax Paid by Employee $ 42,835.80 Tax Paid by Employer 42,835.80 FICA Social Security taxes $ 85,671.60 FICA Medicare taxes 10,215.25 10,215.25 20,430.50 FUTA taxes 370.00 X 370.00 SUTA taxes
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