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employees. FICA S

employees. FICA S

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1CP
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ok ht nces 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 Si Tim V Steve S Required A Cumulative Pay $ 5,900 47,900 94,500 Employee Ken S Tim V Steve S Julie W Michael M Zach R Christina S Kitty O John W Totals Required B 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. 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. Compute the amounts in this table for each employee. Employee Julie W Cumulative Pay Michael M Zach R $ 5,900 47,900 94,500 151,000 114.400 137,700 141,700 44,400 4,500 $ 742,000 $ Cumulative Pay $ 151,000 114,400 137,700 Employee Christina S 0 $ Kitty 0. John W Pay Subject to Pay Subject to Pay Subject to Pay Subject to FICA Social FICA Medicare FUTA Taxes SUTA Taxes Security 0 $ $ Cumulative Pay $ 141,700. 44,400 4,500 01
Transcribed Image Text:ok ht nces 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 Si Tim V Steve S Required A Cumulative Pay $ 5,900 47,900 94,500 Employee Ken S Tim V Steve S Julie W Michael M Zach R Christina S Kitty O John W Totals Required B 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. 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. Compute the amounts in this table for each employee. Employee Julie W Cumulative Pay Michael M Zach R $ 5,900 47,900 94,500 151,000 114.400 137,700 141,700 44,400 4,500 $ 742,000 $ Cumulative Pay $ 151,000 114,400 137,700 Employee Christina S 0 $ Kitty 0. John W Pay Subject to Pay Subject to Pay Subject to Pay Subject to FICA Social FICA Medicare FUTA Taxes SUTA Taxes Security 0 $ $ Cumulative Pay $ 141,700. 44,400 4,500 01
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 $ 5,900 47,900 94,500 Employee Julie W Michael M Zach R FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes Cumulative Pay $ 151,000 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. 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. Tax Paid by Employee 114,400 137,700 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. (Round your final answers to 2 decimal places.) Tax Paid by Employer < Required A Employee Christina S Kitty 0 John W Total Tax Cumulative Pay $ 141,700 44,400 4,500 Required >
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 $ 5,900 47,900 94,500 Employee Julie W Michael M Zach R FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes Cumulative Pay $ 151,000 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. 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. Tax Paid by Employee 114,400 137,700 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. (Round your final answers to 2 decimal places.) Tax Paid by Employer < Required A Employee Christina S Kitty 0 John W Total Tax Cumulative Pay $ 141,700 44,400 4,500 Required >
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