Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

thank you! Homework Sved Exercise 9-9 Computing payroll taxes LO P2, P3 Mest Company has 9 employees, FICA Social Security taxes are 6.2% of the

image text in transcribedthank you!
Homework Sved Exercise 9-9 Computing payroll taxes LO P2, P3 Mest Company has 9 employees, FICA Social Security taxes are 6.2% of the first $118,500 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 5 Tim v Steve s Cumulative Pay $ 6,000 68,200 95,000 Employee Michael M Erin C Kyle B Cumulative Pay $154,500 114,988 125,000 Employee Lorik Kitty o John W Cumulative Pay $127,500 44,900 12,000 a. Compute the amounts in this table for each employee. Pay Subject to FICA Medicare Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes Pay Employee Kons Tim v Steve S Michael M Erinc Kyle 6 Lorik Kitty John W Totals Pay Subject to Cumulative FICA Social Security $ 6.000 68,200 95,000 154,500 114.900 125,000 127.500 44,900 12,000 S 748.000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions