Homework Help is Here – Start Your Trial Now!
Business
Finance
Exercise 9-11 (Algo) Computing payroll taxes LO P2, P3 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 $ 6,400 50,400 97,000 Employee Julie W Michael M Zach R Cumulative Pay $ 153,500 116,900 137,700 Employee Christina S Kitty O Cumulative P $ 142,200 46,900 John W 6,800 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. Required A Required B Compute the amounts in this table for each employee. Employee Cumulative Pay Pay Subject to FÍCA Social Pay Subject to Pay Subject to Pay Subject to FICA Medicare FUTA Taxes SUTA Taxes Security Ken S $ 6,400 Tim V 50,400 Steve S 97,000 Julie W 153,500 Michael M 116,900 Zach R 137,700 Christina S 142,200 Kitty O 46,900 John W 6,800 Totals $ 757,800 $ 0 0 0 0

Exercise 9-11 (Algo) Computing payroll taxes LO P2, P3 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 $ 6,400 50,400 97,000 Employee Julie W Michael M Zach R Cumulative Pay $ 153,500 116,900 137,700 Employee Christina S Kitty O Cumulative P $ 142,200 46,900 John W 6,800 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. Required A Required B Compute the amounts in this table for each employee. Employee Cumulative Pay Pay Subject to FÍCA Social Pay Subject to Pay Subject to Pay Subject to FICA Medicare FUTA Taxes SUTA Taxes Security Ken S $ 6,400 Tim V 50,400 Steve S 97,000 Julie W 153,500 Michael M 116,900 Zach R 137,700 Christina S 142,200 Kitty O 46,900 John W 6,800 Totals $ 757,800 $ 0 0 0 0

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 6SEB: SUTA taxes on July 31, 20--. WORKERS COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries...
See similar textbooks
icon
Related questions
Question
Exercise 9-11 (Algo) Computing payroll taxes LO P2, P3 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 $ 6,400 50,400 97,000 Employee Julie W Michael M Zach R Cumulative Pay $ 153,500 116,900 137,700 Employee Christina S Kitty O Cumulative P $ 142,200 46,900 John W 6,800 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. Required A Required B Compute the amounts in this table for each employee. Employee Cumulative Pay Pay Subject to FÍCA Social Pay Subject to Pay Subject to Pay Subject to FICA Medicare FUTA Taxes SUTA Taxes Security Ken S $ 6,400 Tim V 50,400 Steve S 97,000 Julie W 153,500 Michael M 116,900 Zach R 137,700 Christina S 142,200 Kitty O 46,900 John W 6,800 Totals $ 757,800 $ 0 0 0 0
Transcribed Image Text:Exercise 9-11 (Algo) Computing payroll taxes LO P2, P3 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 $ 6,400 50,400 97,000 Employee Julie W Michael M Zach R Cumulative Pay $ 153,500 116,900 137,700 Employee Christina S Kitty O Cumulative P $ 142,200 46,900 John W 6,800 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. Required A Required B Compute the amounts in this table for each employee. Employee Cumulative Pay Pay Subject to FÍCA Social Pay Subject to Pay Subject to Pay Subject to FICA Medicare FUTA Taxes SUTA Taxes Security Ken S $ 6,400 Tim V 50,400 Steve S 97,000 Julie W 153,500 Michael M 116,900 Zach R 137,700 Christina S 142,200 Kitty O 46,900 John W 6,800 Totals $ 757,800 $ 0 0 0 0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
SEE MORE TEXTBOOKS