est 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.
est 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.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter13: Accounting For Payroll And Payroll Taxes
Section13.3: Reporting Withholding And Payroll Taxes
Problem 1OYO
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est 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.
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