Name: ACC 1810 - Principles of Financial Accounting In-class activity # 16 - Payroll Exercise 9-9 Computing payroll taxes - Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 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 Ken S. $ 6,000 Michelle W. Tim V 42,800 Michael M. Cumulative Pay Employee Cumulative Pay $143,500 Lori K. $129,700 106,900 Kitty 0. 36,900 Steve S. 87,000 Zach R. 127,200 John W. 4,000 a. Prepare a table with the following six column headings. Compute the amounts in this table for each employee and then total the numerical columns. Pay Subject to Pay Subject Pay Subject Pay Subject Cumulative FICA Social to FICA to FUTA to SUTA Employee Pay Security Madicare Taxes Taxes I ange View Share Window Help 125% T 16 - Short Term Notes Payable .. T Chart Text Shape Media Comment $143,500 Lori K $129,700 Zoom Insert Table Ken S. $ 6,000 Michelle W. Tim V. 42,800 Michael M. 106,900 Kitty 0. 36,900 Steve S. 87,000 Zach R. 127,200 John W. 4,000 - Prepare a table with the following six column headings. Compute the amounts in this table for each employee and then total the numerical columns. Pay Subject to Pay Subject Pay Subject Pay Subject Cumulative FICA Social to FICA to FUTA to SUTA Employee Pay Security Madicare Taxes Taxes b. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. (Hint: Remember to include in those totals any employee share of taxes that the company must collect.) (Round amounts to cents.)