Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128.400 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 $128.400 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 5 Tim V Steve S Cumulative Pay $ 6,100 40,900 87,500 Employee Michelle W Michael M Zach R Cumulative Pay $144,000 1 07,400 128,900 Employee Lori K Kitty 0 John W Cumulative Pay $131,499 3 7,400 4,5ee 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 FICA Social Security Pay Subject to FICA Medicare Pay Subject t o FUTA Taxes Pay Subject to SUTA Taxes Employee Ken S Tim V Steve S Michelle W Michael M Zach R Lori K Kitty O John W Totals Cumulative Pay 6,100 40.900 87,500 144,000 107,400 128,900 131.400 37.400 4.500 688.100 Required B > 419 26 Most
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started