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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 Tin V Steve S Cumulative Pay $ 5,200 44,400 91,000 Employee Julie W Michael M Zach R Cumulative Pay $ 147,500 110,900 137,700 Employee Christina S Kitty 0 John W Cumulative Pay $ 141,000 40,900 4,500 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. 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 Ken S Tin V Steve S Cumulative Pay $ 5,200 44,400 91,000 Employee Julie W Michael M Zach R Cumulative Pay $ 147,500 110,900 137,700 Employee Christina S Kitty 0 John W Cumulative Pay $ 141,000 40,900 4,500 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. Hint Remember to include in those totals any employee share of taxes that the company must collect

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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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 $ 5,200 44,400 91,000 Employee Julie W Michael M Zach R FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes 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. Cumulative Pay $ 147,500 110,900 137,700 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. Note: Round your final answers to 2 decimal places. Tax Paid by Employee Tax Paid by Employer < Required A Employee Christina S Kitty 0 John W Cumulative Pay $ 141,000 40,900 4,500 Total Tax
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 $ 5,200 44,400 91,000 Employee Julie W Michael M Zach R FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes 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. Cumulative Pay $ 147,500 110,900 137,700 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. Note: Round your final answers to 2 decimal places. Tax Paid by Employee Tax Paid by Employer < Required A Employee Christina S Kitty 0 John W Cumulative Pay $ 141,000 40,900 4,500 Total Tax
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 $ 5,200 Required A Required B Employee Ken S Tim V Steve S Julie W Michael M Zach R Christina S Kitty O John W Totals 44,400 91,000 Compute the amounts in this table for each employee. 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. Cumulative Pay $ $ Employee Julie W Michael Mi Zach R 5,200 44,400 91,000 147,500 110,900 137,700 141,000 40,900 4,500 723,100 Cumulative Pay $ 147,500 110,900 137,700 Employee Christina S 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 Cumulative Pay $ 141,000 40,900 4,500 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 $ 5,200 Required A Required B Employee Ken S Tim V Steve S Julie W Michael M Zach R Christina S Kitty O John W Totals 44,400 91,000 Compute the amounts in this table for each employee. 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. Cumulative Pay $ $ Employee Julie W Michael Mi Zach R 5,200 44,400 91,000 147,500 110,900 137,700 141,000 40,900 4,500 723,100 Cumulative Pay $ 147,500 110,900 137,700 Employee Christina S 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 Cumulative Pay $ 141,000 40,900 4,500 Required B >
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