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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 Required A Cumulative Pay $5,000 43,400 90,000 Complete this question by entering your answers in the tabs below. Employee Ken S Tim V Steve S Julie W Michael M Zach R Christina S Kitty O John W Totals 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. Compute the amounts in this table for each employee. Required B $ Cumulative Pay Employee Julie W Michael M Zach R 5,000 43,400 90,000 146,500 109,900 137,700 140,800 39,900 6,600 $ 719,800 Pay Subject to FICA Social Security $ 310 X $ 2,690 X 5,580 X 9,083 X 6,814 X 8,537 X 8,730 X 2,474 X 409 X Pay Subject to FICA Medicare $ 44,627 Cumulative Pay $ 146,500 109,900 137,700 73 X $ 629 X 1,305 X 2,124 X 1,594 X 1,997 X 2,042 X 579 x 96 X 10,439 Pay Subject to FUTA Taxes $ 30 x 260 X 540 X 879 X 659 X 826 X 845 X 239 x 40 X 4,318 Employee Christina S $ Kitty 0 John W Pay Subject to SUTA Taxes 270 X 2,344 4,860 X 7,911 X 5,935 X 7,436 5,659 2,155 X 356 x Cumulative Pay $ 140,800 39,900 6,600 36,926
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