Mest 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. Employee Christina S Tax Paid by Tax Paid by Employee Employer Kitty O John W 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 places. < Required A Total Tax Cumulative Pay $ 135,400 36,900 4,000 Required B >

College Accounting (Book Only): A Career Approach
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Chapter7: Employee Earnings And Deductions
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Problem 7E
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Mest 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 places.
Tax Paid by
Employer
Kitty O
John W
< Required A
Total Tax
Cumulative Pay
$ 135,400
36,900
4,000
Required B
>
Transcribed Image Text:Mest 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 places. Tax Paid by Employer Kitty O John W < Required A Total Tax Cumulative Pay $ 135,400 36,900 4,000 Required B >
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