cesMest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICAMedicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee.Cumulative pay for the current year for each of its employees follows.EmployeeKen STim VSteve SCumulative Pay$ 6,20049,40096,000Required A Required BComplete this question by entering your answers in the tabs below.EmployeeCompute the amounts in this table for each employee.Pay Subject toFICA SocialSecurityKen STim VSteve SJulie WMichael MZach RChristina SKitty OJohn WTotalsa. 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.CumulativePayEmployeeJulie WMichael M.Zach R$6,20049,40096,000152,500115,900137,700Cumulative Pay$ 152,500115,900137,700142,00045,9006,000$ 751,600Pay Subject toFICA MedicareEmployeeChristina SPay Subject toFUTA TaxesKitty oJohn WCumulative Pay$ 142,00045,9006,000Pay Subject toSUTA Taxes

· FICA – This is a US federal tax. It means Federal Insurance Contributions Act. This is…

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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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