Question
MRI Company has one employee. FICA Social Security taxes are 6.20% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45%
MRI Company has one employee. FICA Social Security taxes are 6.20% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.80% and SUTA taxes are 2.90% of the first $7,000 paid to its employee. |
Gross Pay through August | Gross Pay for September | |||||||||
a. | $ | 5,300 | $ | 2,900 | ||||||
b. | 15,900 | 2,600 | ||||||||
c. | 102,000 | 11,700 | ||||||||
Compute MRIs amounts for each of the above four taxes as applied to the employees gross earnings for September under situation (a). (Round your answers to 2 decimal places. Omit the "$" sign in your response) |
Tax | |
FICASocial Security | $ |
FICAMedicare | $ |
FUTA | $ |
SUTA | $ |
Compute MRIs amounts for each of the above four taxes as applied to the employees gross earnings for September under situation (b). (Leave no cells blank - be certain to enter "0" wherever required. Round your answers to 2 decimal places. Omit the "$" sign in your response) |
Tax | |
FICASocial Security | $ |
FICAMedicare | $ |
FUTA | $ |
SUTA | $ |
Compute MRIs amounts for each of the above four taxes as applied to the employees gross earnings for September under situation (c). (Leave no cells blank - be certain to enter "0" wherever required. Round your answers to 2 decimal places. Omit the "$" sign in your response) |
Tax | |
FICASocial Security | $ |
FICAMedicare | $ |
FUTA | $ |
SUTA | $ |
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