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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 | Cumulative Pay | Employee | Cumulative Pay | Employee | Cumulative Pay |
---|---|---|---|---|---|
Ken S | $ 6,100 | Julie W | $ 144,000 | Christina S | $ 140,300 |
Tim V | 40,900 | Michael M | 107,400 | Kitty O | 37,400 |
Steve S | 87,500 | Zach R | 137,700 | John W | 4,500 |
- Compute the amounts in this table for each employee.
- 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.
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