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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.
Employee | Cumulative Pay | Employee | Cumulative Pay | Employee | Cumulative Pay | |||
Ken S | $ | 5,600 | Michelle W | $ | 149,500 | Lori K | $ | 136,900 |
Tim V | 46,400 | Michael M | 112,900 | Kitty O | 42,900 | |||
Steve S | 93,000 | Zach R | 134,400 | John W | 10,000 | |||
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 Compute the amounts in this table for each employee. Pay Subject to FICA Social Security Pay Subject to FICA Medicare Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes Employee Ken S Tim V Steve S Michelle W Michael M Zach R Lori K Kitty O John W Totals Cumulative Pay 5,600 46,400 93,000 149,500 112,900 134,400 136,900 42,900 10,000 $ 731,600 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.). Tax Paid by Employee Tax Paid by Employer Total Tax FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes
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