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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 S Cumulative Pay $ 5,600 46,400 93,000 Required A Required B Complete this question by entering your answers in the tabs W. Employee Compute the amounts in this table for each employee. Pay Subject to FICA Social Security Ken S Tim V Steve S Julie W Michael M Zach R Christina S 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. Cumulative Pay $ Employee Julie W Michael M Zach R 5,600 $ 46,400 93,000 149,500 112,900 137,700 141,400 Cumulative Pay $ 149,500 112,900 137,700 5,600 $ 46,400 93,000 112,900 137,700 Pay Subject to Pay Subject to FICA Medicare FUTA Taxes 5,600 $ 5,600 Employee Christina S Kitty O John W Cumulative Pay $ 141,400 42,900 6,500 Pay Subject to SUTA Taxes $ 5,600
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