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need help pls! Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137.700 paid to each employee, and FICA Medicare
need help pls!
Mest 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 Cumulative pay for the current year for each of its employees follows Employee Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay Ken S $ 6,eee Julie W $ 143,500 Christina S $ 140, 200 Tim v 40, 4ee Michael M 166,900 Kitty o 36,900 87,eee Zach R 137,700 John W 4, eee a. Compute the amounts in this table for each employee. 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 Steve S Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amounts in this table for each employee. Pay Pay Cumulative Subject to Subject to Employee FICA Pay Social FICA Medicare Security Ken 8 $ 6,000 $ 6,000 s 6,000 Tim V 40,400 40,400 40,400 Steve S 87,000 87,000 87,000 Pay Subject to SUTA Taxes Pay Subject to FUTA Taxes $ 6,000 7,000 7.000 $ 6,000 7.000 7,000 Compute the amounts in this table for each employee. Pay Pay Employee Cumulative Pay $ Ken 8 Tim V Steve S Julie W Michael M Zach R Christina S 6,000 40.400 87,000 143,500 106,900 137,700 140,200 36,900 4,000 702,600 Subject to Pay Pay FICA Subject to Subject to Subject to FICA Social FUTA SUTA Medicare Security Taxes Taxes $ 6,000 $ 6.000 $ 6.000 IS 8,000 40,400 40,400 7.000 7,000 87.000 87,000 7.000 7.000 132,900 X 143,500 7.000 7,000 106.900 106,900 7,000 7.000 137.700 137,700 7,000 7.000 140.200 140,200 7000 7 000 36.900 36,900 7.000 7,000 4000 4,000 4,000 4.000 $ 59,000 59.000 $ $ 692,000 702,600 Kitty John W Totals $ Required B Required A Required B For the company, compute each total for Federal Insurance Contributions Act (FICA) Social Security taxes, Federal Insurance Contributions Act (FICA) Medicare taxes, Federal Unemployment Taxes (FUTA), and State Unemployment Taxes (SUTA). Hint: Remember to include in those totals any employee share of taxes that the company must collect. (Round your final answers to 2 decimal places.) Show less Tax Paid by Employee $ 42,153.80 Tax Paid by Employer Total Tax FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes Step by Step Solution
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