MH 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 At year end, the cumulative pay for the current year for each of its employees follows Employee Cumulative Pay Employee Cumulative Pay Ken S $ 6,000 Lori K $121,000 Tim V 60,200 Kitty O 56,900 Steve S 87,000 John W 84,000 Michael M 143,500 Michelle N 118,500 Kyle B 106,900 a Using table on next page, compute and enter the amount in this table for each employee and then total the numerical columns for the year Employee Cumulative pay Pay subject to FICA social security Pay subject to FICA Medicare Pay subject to FUTA Pay subject to SUTA taxes Ken S 6,000 6,000 6,000 6,000 6,000 Tim V 60,200 60,200 60,200 7,000 7,000 Steve S 87,000 87,000 87,000 7,000 7,000 Michael M 143,500 118,500 143,500 7,000 7,000 Kyle B 106,900 106,900 106,900 7,000 7,000 Lori K 121,000 118,500 121,000 7,000 7,000 Kitty O 36,900 36,900 36,900 7,000 7,000 John W 4,000 4,000 4,000 4,000 4,000 Michelle N 118,500 118,500 118,500 7,000 7,000 Total 684,000 656,500 684,000 59,000 59,000 Using the cumulative based information compiled in Part a, for the employer companys share of payroll taxes, compute the yearly total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes by employee (Please round to nearest cents) Employee FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes Ken S 372 87 36 324 Tim V 3,732 40 872 90 42 378 Steve S 5,394 1,261 50 42 378 Michael M 7,347 2,080 75 42 378 Kyle B 6,627 80 1,550 05 42 378 Lori K 7,347 1,754 50 42 378 Kitty O 2,287 80 535 05 42 378 John W 248 58 24 216 Michelle N 7,347 1,718 25 42 378 Totals 81,344 19,836 354 3,186 Prepare journal entry for employers share of payroll taxes in total (all employees) for the last pay period, i e , the 26th one (i e , assume 26 pay periods per year) (HINT one pay period equals 1 26 of the cumulative yearly amounts) Assume cumulative pay is for 26 pay periods prepare journal entry for total employees salaries payable (gross and net) and payroll tax withholdings for the last two week pay period of the fiscal year (hint cumulative amounts need to be adjusted by 1 26) Please also assume a 20 Federal Income tax on the gross cumulative pay and a 5 Virginia tax withholding on behalf of the employees is collected each pay period Finally, assume each employee has a portion of their share of their medical insurance premium collected by the company, which is equal to $24 per pay period The journal entry should include all the relevant items given

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MH 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%

MH 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. At year-end, the cumulative pay for the current year for each of its employees follows

Employee	Cumulative Pay	Employee	Cumulative Pay
Ken S.	$ 6,000	Lori K.	$121,000
Tim V.	60,200	Kitty O.	56,900
Steve S.	87,000	John W.	84,000
Michael M	143,500	Michelle N.	118,500
Kyle B	106,900

a. Using table on next page, compute and enter the amount in this table for each

employee and then total the numerical columns for the year.

Employee	Cumulative pay	Pay subject to FICA social security	Pay subject to FICA Medicare	Pay subject to FUTA	Pay subject to SUTA taxes
Ken S	6,000	6,000	6,000	6,000	6,000
Tim V	60,200	60,200	60,200	7,000	7,000
Steve S	87,000	87,000	87,000	7,000	7,000
Michael M	143,500	118,500	143,500	7,000	7,000
Kyle B	106,900	106,900	106,900	7,000	7,000
Lori K	121,000	118,500	121,000	7,000	7,000
Kitty O	36,900	36,900	36,900	7,000	7,000
John W	4,000	4,000	4,000	4,000	4,000
Michelle N.	118,500	118,500	118,500	7,000	7,000
Total	684,000	656,500	684,000	59,000	59,000

Using the cumulative based information compiled in Part a, for the employer/companys share of payroll taxes, compute the yearly total for: FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes by employee. (Please round to nearest cents).

Employee	FICA Social Security taxes	FICA Medicare taxes	FUTA taxes	SUTA taxes
Ken S	372	87	36	324
Tim V	3,732.40	872.90	42	378
Steve S	5,394	1,261.50	42	378
Michael M	7,347	2,080.75	42	378
Kyle B	6,627.80	1,550.05	42	378
Lori K	7,347	1,754.50	42	378
Kitty O	2,287.80	535.05	42	378
John W	248	58	24	216
Michelle N	7,347	1,718.25	42	378
Totals	81,344	19,836	354	3,186

Prepare journal entry for employers share of payroll taxes in total (all employees) for the last pay period, i.e., the 26th one (i.e., assume 26 pay periods per year); (HINT: one pay period equals 1/26 of the cumulative yearly amounts) Assume cumulative pay is for 26 pay periods; prepare journal entry for total employees salaries payable (gross and net) and payroll tax withholdings for the last two-week pay period of the fiscal year. (hint cumulative amounts need to be adjusted by 1/26).

Please also assume a 20% Federal Income tax on the gross cumulative pay and a 5% Virginia tax withholding on behalf of the employees is collected each pay period; Finally, assume each employee has a portion of their share of their medical insurance premium collected by the company, which is equal to $24 per pay period. The journal entry should include all the relevant items given.