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Please help with part A and part B Exercise 9-9 Computing payroll taxes LO P2, P3 Mest Company has nine employees. FICA Social Security taxes
Please help with part A and part B
Exercise 9-9 Computing payroll taxes LO P2, P3 Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 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 Ken S Tim V Steve S Cumulative Pay $ 6,400 42,400 89,000 Employee Michelle W Michael M Zach R Cumulative Pay $145,500 108,900 130,400 Employee Lori K Kitty o John W Cumulative Pay $ 132,900 38,900 6,000 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. 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. 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 Subject to FICA Social Pay Subject to FICA Medicare Pay Subject to FUTA Pay Subject to SUTA Security Taxes Taxes Employee Ken S Cumulative Pay $ 6,400 42,400 89,000 Tim v Steve S Michelle W Michael M Zach R 145,500 108,900 130,400 132,900 38,900 Lorik Kitty O John W Totals 6,000 $ 700,400 $ 0 $ 0 $ 0 $ 0 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. Complete this question by entering your answers in the tabs below. Required A Required B For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. (Round your final answers to 2 decimal places.) Tax Paid by Employee Tax Paid by Employer Total Tax FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxesStep by Step Solution
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