Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400...

90.2K

Verified Solution

Question

Accounting

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 $ 5,300 Michelle W $ 148,000 Lori K $ 135,400
Tim V 44,900 Michael M 111,400 Kitty O 41,400
Steve S 91,500 Zach R 132,900 John W 8,500

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.

imageimage

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 Security Cumulative Pay Subject to FICA Medicare Pay Subject to FUTA Pay Subject to SUTA Taxes Taxes Employee Ken S $ Tim v Steve S Michelle W Michael M Pay 5,300 44,900 91,500 148,000 111,400 132,900 135,400 41,400 8,500 719,300 Zach R Lori K Kitty O John W Totals $ 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 taxes

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students