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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. Cumulative Pay Employee Ken S Tim V Employee Michelle W Cumulative Pay $152,500 Employee Lori K $ 6,200 49,400 Cumulative Pay $139,900 45,900 13,000 Michael M 115,900 Kitty 0 Steve S 96,000 Zach R 137,400 John W 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. Cumulative Pay Subject to FICA Social Security Pay Subject to FICA Medicare Pay Subject to FUTA Taxes Employee Pay Ken S $ Tim V Steve S Michelle W Michael M Zach R Lori K Kitty O John W Totals $ 6,200 49,400 96,000 152,500 115,900 137,400 139,900 45,900 13,000 756,200
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