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Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $132,900 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 $132,900 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 | Julie W | $ | 149,500 | Christina S | $ | 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 Pay Subject Pay Subject Pay Subject Cumulative FICA Social to FICA to FUTA to SUTA Employee Pay Security Medicare Taxes Taxes [Ken S $ 5,600 Tim V 46,400 Steve S 93,000 Julie W 149,500 Michael M 112,900 Zach R 134,400 Christina S 136,900 Kitty o 42,900 John W 10,000 Totals $ 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 Tax Paid by Total Tax Employee Employer FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes
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