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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 $ 5,700 46,900 93,500 Employee Julie W Michael M Zach R Cumulative Pay $ 150,000 113,400 Employee Christina S Kitty 0 Cumulative Pay $ 137,490 43,400 134,900 John W a. Compute the amounts in this table for each employee. 10,500 b. 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. Required A Required B Compute the amounts in this table for each employee. Pay Subject to Employee Cumulative Pay FICA Social Security Pay Subject to FICA Medicare Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes Ken S $ 5,700 Tim V 46,900 Steve S 93,500 Julie W 150,000 Michael M 113,400 Zach R 134,900 Christina S 137,400 Kitty O 43,400 John W 10,500 Totals $ 735,700 Required R

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 $ 5,700 46,900 93,500 Employee Julie W Michael M Zach R Cumulative Pay $ 150,000 113,400 Employee Christina S Kitty 0 Cumulative Pay $ 137,490 43,400 134,900 John W a. Compute the amounts in this table for each employee. 10,500 b. 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. Required A Required B Compute the amounts in this table for each employee. Pay Subject to Employee Cumulative Pay FICA Social Security Pay Subject to FICA Medicare Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes Ken S $ 5,700 Tim V 46,900 Steve S 93,500 Julie W 150,000 Michael M 113,400 Zach R 134,900 Christina S 137,400 Kitty O 43,400 John W 10,500 Totals $ 735,700 Required R

FINANCIAL ACCOUNTING
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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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 Cumulative Pay $ 5,700 Tim V Steve S 46,900 93,500 Employee Julie W Michael M Zach R Cumulative Pay $ 150,000 113,400 Employee Christina S Kitty 0 Cumulative Pay $ 137,400 43,400 134,900 John W a. Compute the amounts in this table for each employee. 10,500 b. 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. Required A Required B Compute the amounts in this table for each employee. Employee Cumulative Pay Pay Subject to FICA Social Pay Subject to FICA Medicare Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes Security Ken S $ 5,700 Tim V 46,900 Steve S 93,500 Julie W 150,000 Michael M 113,400 Zach R 134,900 Christina S 137,400 Kitty O 43,400 John W 10,500 Totals $ 735,700 <Required A 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 Cumulative Pay $ 5,700 Tim V Steve S 46,900 93,500 Employee Julie W Michael M Zach R Cumulative Pay $ 150,000 113,400 Employee Christina S Kitty 0 Cumulative Pay $ 137,400 43,400 134,900 John W a. Compute the amounts in this table for each employee. 10,500 b. 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. Required A Required B Compute the amounts in this table for each employee. Employee Cumulative Pay Pay Subject to FICA Social Pay Subject to FICA Medicare Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes Security Ken S $ 5,700 Tim V 46,900 Steve S 93,500 Julie W 150,000 Michael M 113,400 Zach R 134,900 Christina S 137,400 Kitty O 43,400 John W 10,500 Totals $ 735,700 <Required A Required B <
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