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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
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 $ 5,000 43,400 90,000 Employee Julie W Michael M Zach R Cumulative Pay $ 146,500 109,900 137,700 Employee Christina S Kitty o John W Cumulative Pay $ 140,800 39,900 6,600 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. 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 Employee Cumulative Pay FICA Social Pay Subject to Pay Subject to Pay Subject to FICA Medicare FUTA Taxes SUTA Taxes Security Ken S $ 5,000 Tim V 43,400 Steve S 90,000 Julie W 146,500 Michael M 109,900 Zach R 137,700 Christina S 140,800 Kitty O 39,900 John W 6,600 Totals $ 719,800 $ $ 0 $ 0 $ 0 < Required A Required B >
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