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 $127,200 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 $127,200 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.image text in transcribedimage text in transcribedPlease check what I have and show me how to configure "Pay Subject to FICA Social Security"

Employee Kens Tim V Steve s Cumulative Pay $ 6,100 43,300 87,500 Employee Michelle W Michael M Zach R Cumulative Pay $144,000 107,400 127,700 Employee Lori K Kitty o John W Cumulative Pay $130,200 37,400 4,500 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 Compute the amounts in this table for each employee. Employee Ken S Tim V Steve S Michelle W Michael M Pay Subject to Pay Subject Pay Subject Pay Subject Cumulative FICA Social to FICA to FUTA to SUTA Pay Security Medicare Taxes Taxes 6,100 $ 6,100 $ 6,100 $ 6,100 $ 6,100 43,300 43,300 43,300 7,000 7,000 87,500 87,500 87,500 7,000 7,000 144,000 144,000 7,000 7,000 107,400 107,400 7,000 7,000 127,700 127,700 7,000 7,000 130,200 130,200 7,000 7,000 37,400 37,400 37,400 7,000 7,000 4,500 4,500 4,500 7,000 7,000 $ 688,100 $ 178,800 $ 688,100 $ 62,100 $ Zach R Lorik Kitty O John W Totals 62,100 Employee Ken S Tim v Cumulative Pay $ 6,100 43,300 87,500 Employee Michelle W Michael M Zach R Cumulative Pay $144,000 107,400 127, 700 Employee Lori K Kitty o John W Cumulative Pay $130, 200 37,400 4,500 Steve 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. 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 9,977.45 9,977.45 19,954.90 FUTA taxes SUTA taxes

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

Step: 3

blur-text-image

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

Proli Footwear Inc An Audit And Fraud Simulation For Team-Based Student Learning

Authors: Patricia Poli, Richard Proctor

2nd Edition

0615455492, 978-0615455495

More Books

Students also viewed these Accounting questions

Question

What is the content-level meaning?

Answered: 1 week ago