Exercise 9-9 Computing payroll taxes LO P2, P3 Mest Company has nine employees. FICA Social...
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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 | Cumulative Pay | Employee | Cumulative Pay | Employee | Cumulative Pay | |||
| Ken S | $ | 6,000 | Michelle W | $ | 151,500 | Lori K | $ | 138,900 |
| Tim V | 48,400 | Michael M | 114,900 | Kitty O | 44,900 | |||
| Steve S | 95,000 | Zach R | 136,400 | John W | 12,000 | |||
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.
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