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 Kens Tim v Steve s Cumulative Pay $ 6,300 49,900 96,500 Employee Michelle W Michael M Zach R Cumulative Pay $153,000 116,400 137,900 Employee Lori K Kitty o John W Cumulative Pay $140,400 46,400 13,500 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. Pay Subject to FICA Social Security Pay Subject to FICA Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes Medicare Employee Ken s Tim v Steve S Michelle W Cumulative Pay $ 6,300 49,900 96,500 153,000 116,400 137,900 140,400 46,400 13,500 $ 760,300 Michael M Zach R Lori K Kitty O John W Totals $ 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 FUTA taxes SUTA taxes
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