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. | $ | 5,600 | $ | 2,200 | ||||||
b. | 16,800 | 2,900 | ||||||||
c. | 100,000 | 11,100 | ||||||||
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 | |
FICA - Social Security | $ |
FICA - Medicare | $ |
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 | |
FICA - Social Security | $ |
FICA - Medicare | $ |
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 | |
FICA - Social Security | $ |
FICA - Medicare | $ |
FUTA | $ |
SUTA | $ |
|
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