Question
Mester Company has 10 employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45%
Mester Company has 10 employees. FICA Social Security taxes are 6.2% of the first $117,000 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 | $ | 5,500 | Ann T | $ | 152,000 | Lori K | $ | 125,000 | |||||||||||
Tim V | 65,700 | Kathleen K | 112,400 | Kitty O | 42,400 | ||||||||||||||
Steve S | 92,500 | Michelle H | 122,500 | John W | 9,500 | ||||||||||||||
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