Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Question
Chapter 11, Problem 9E
a.
To determine
Prepare a table with the following six column headings and compute the amounts in the table for each employee and total the numerical columns.
b.
To determine
Compute FICA social security taxes, FICA social security taxes, FUTA taxes and SUTA taxes for Company M.
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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
$ 5,800
47,400
94,000
Employee
Julie W
Michael M
Zach R
Cumulative Pay
$ 150,500
113,900
137,700
Employee
Christina S
Kitty O
John W
Cumulative Pay
$ 141,600
43,900
4,000
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.
ces
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
$ 6,200
49,400
96,000
Required A Required B
Complete this question by entering your answers in the tabs below.
Employee
Compute the amounts in this table for each employee.
Pay Subject to
FICA Social
Security
Ken S
Tim V
Steve S
Julie W
Michael M
Zach R
Christina S
Kitty O
John W
Totals
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.
Cumulative
Pay
Employee
Julie W
Michael M.
Zach R
$
6,200
49,400…
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
$
6,500
Michelle W
$
146,000
Lori K
$
133,400
Tim V
42,900
Michael M
109,400
Kitty O
39,400
Steve S
89,500
Zach R
130,900
John W
6,500
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
Chapter 11 Solutions
Principles of Financial Accounting.
Ch. 11 - On December 1, a company signed a 6,000, 90-day,...Ch. 11 - Prob. 2MCQCh. 11 - Prob. 3MCQCh. 11 - Prob. 4MCQCh. 11 - Prob. 5MCQCh. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - What are the three important questions concerning...Ch. 11 - Prob. 4DQCh. 11 - Prob. 5DQ
Ch. 11 - Prob. 6DQCh. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQCh. 11 - Prob. 11DQCh. 11 - What amount of income tax is withheld from the...Ch. 11 - Prob. 13DQCh. 11 - Prob. 14DQCh. 11 - Prob. 15DQCh. 11 - Refer to Samsungs recent balance sheet in Appendix...Ch. 11 - Which of the following items are normally...Ch. 11 - Prob. 2QSCh. 11 - Prob. 3QSCh. 11 - Prob. 4QSCh. 11 - Prob. 5QSCh. 11 - Prob. 6QSCh. 11 - Prob. 7QSCh. 11 - Prob. 8QSCh. 11 - Prob. 9QSCh. 11 - Prob. 10QSCh. 11 - Prob. 11QSCh. 11 - Prob. 12QSCh. 11 - Prob. 13QSCh. 11 - Prob. 14QSCh. 11 - Prob. 15QSCh. 11 - Prob. 1ECh. 11 - Prob. 2ECh. 11 - Prob. 3ECh. 11 - Prob. 4ECh. 11 - Prob. 5ECh. 11 - Prob. 6ECh. 11 - Prob. 7ECh. 11 - Prob. 8ECh. 11 - Prob. 9ECh. 11 - Prob. 10ECh. 11 - Prob. 11ECh. 11 - Prob. 12ECh. 11 - Prob. 13ECh. 11 - Prob. 14ECh. 11 - Prob. 15ECh. 11 - Prob. 16ECh. 11 - Prob. 17ECh. 11 - Prob. 18ECh. 11 - Prob. 19ECh. 11 - Prob. 1APCh. 11 - Prob. 2APCh. 11 - Prob. 3APCh. 11 - Prob. 4APCh. 11 - Shown here are condensed income statements for two...Ch. 11 - Prob. 6APCh. 11 - Prob. 1BPCh. 11 - Prob. 2BPCh. 11 - Prob. 3BPCh. 11 - Prob. 4BPCh. 11 - Prob. 5BPCh. 11 - Entries for payroll transactions MLS Company has...Ch. 11 - Prob. 11SPCh. 11 - Prob. 1AACh. 11 - Prob. 2AACh. 11 - Prob. 3AACh. 11 - Beyond the Numbers Cameron Bly is a sales manager...Ch. 11 - Prob. 2BTNCh. 11 - Review the chapters opening feature about Tim...
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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 $ 5,000 Julie W $ 146, 500 Christina S $ 140, 800 Tim V 43, 400 Michael M 109,900 Kitty O 39,900 Steve S 90,000 Zach R 137,700 John W 6, 600 Compute the amounts in this table for each employee. 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.arrow_forwardest Company has nine employees. FICA Social Security taxes are 6.2% of the first $132,900 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 $ 5,800 Julie W $ 150,500 Christina S $ 137,900 Tim V 47,400 Michael M 113,900 Kitty O 43,900 Steve S 94,000 Zach R 135,400 John W 11,000 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.arrow_forwardMest Company has nine employees. FICA Social Security taxes are 6.2% of the first $132,900 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 $ 6,000 40,400 87,000 Employee Julie W Michael M Zach R Required A Required B Cumulative Pay $ 143,500 106,900 132,900 FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes 1. Compute the amounts in this table for each employee. 2. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Complete this question by entering your answers in the tabs below. Tax Paid by Employee Employee Christina S For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Note: Round your final answers to 2 decimal…arrow_forward
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What Is And How To Calculate FICA Taxes Explained, Social Security Taxes And Medicare Taxes; Author: Whats Up Dude;https://www.youtube.com/watch?v=fzK3KDDYCQw;License: Standard Youtube License