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 Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay Ken S $ 6,200 Julie W $ 144,500 Christina S $ 140,400 Tim V 41,400 Michael M 107,900 Kitty O 37,900 Steve S 88,000 Zach R 137,700 John W 5,000 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.
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 Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay Ken S $ 6,200 Julie W $ 144,500 Christina S $ 140,400 Tim V 41,400 Michael M 107,900 Kitty O 37,900 Steve S 88,000 Zach R 137,700 John W 5,000 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.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 1PA
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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 | Cumulative Pay | Employee | Cumulative Pay | Employee | Cumulative Pay |
|---|---|---|---|---|---|
| Ken S | $ 6,200 | Julie W | $ 144,500 | Christina S | $ 140,400 |
| Tim V | 41,400 | Michael M | 107,900 | Kitty O | 37,900 |
| Steve S | 88,000 | Zach R | 137,700 | John W | 5,000 |
- 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.
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