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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 Ken S Tim V Steve S Cumulative Pay $ 6,300 41,900 88,500 Employee Julie W Michael M Zach R Cumulative Pay $145,000 108,400 137,700 a. Compute the amounts in this table for each employee. Employee Christina S Kitty 0 John W Cumulative Pay $ 140,500 38,400 5,500 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. 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. Hint: Remember to include in those totals any employee share of taxes that the company must collect. Note: Round your final answers to 2 decimal places. FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes Tax Paid by Employee Tax Paid by Employer Total Tax 0.00 0.00 < Required A Required B>

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 Ken S Tim V Steve S Cumulative Pay $ 6,300 41,900 88,500 Employee Julie W Michael M Zach R Cumulative Pay $145,000 108,400 137,700 a. Compute the amounts in this table for each employee. Employee Christina S Kitty 0 John W Cumulative Pay $ 140,500 38,400 5,500 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. 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. Hint: Remember to include in those totals any employee share of taxes that the company must collect. Note: Round your final answers to 2 decimal places. FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes Tax Paid by Employee Tax Paid by Employer Total Tax 0.00 0.00 < Required A Required B>

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 7E
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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 Ken S Tim V Steve S Cumulative Pay $ 6,300 41,900 88,500 Employee Julie W Michael M Zach R Cumulative Pay $145,000 108,400 137,700 a. Compute the amounts in this table for each employee. Employee Christina S Kitty 0 John W Cumulative Pay $ 140,500 38,400 5,500 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. 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. Hint: Remember to include in those totals any employee share of taxes that the company must collect. Note: Round your final answers to 2 decimal places. FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes Tax Paid by Employee Tax Paid by Employer Total Tax 0.00 0.00 < Required A Required B>
Transcribed Image Text: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 Ken S Tim V Steve S Cumulative Pay $ 6,300 41,900 88,500 Employee Julie W Michael M Zach R Cumulative Pay $145,000 108,400 137,700 a. Compute the amounts in this table for each employee. Employee Christina S Kitty 0 John W Cumulative Pay $ 140,500 38,400 5,500 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. 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. Hint: Remember to include in those totals any employee share of taxes that the company must collect. Note: Round your final answers to 2 decimal places. FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes Tax Paid by Employee Tax Paid by Employer Total Tax 0.00 0.00 < Required A Required B>
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