Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 $ 5,200 44,400 91,000 Employee Required A Required B Julie W Michael M Zach R Cumulative Pay $147,500 110,900 137,700 Employee Christina S Kitty 0 John W Cumulative Pay $ 141,000 40,900 4,500 a. 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. Complete this question by entering your answers in the tabs below.

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 $ 5,200 44,400 91,000 Employee Required A Required B Julie W Michael M Zach R Cumulative Pay $147,500 110,900 137,700 Employee Christina S Kitty 0 John W Cumulative Pay $ 141,000 40,900 4,500 a. 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. Complete this question by entering your answers in the tabs below.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 4E
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 $ 5,200 44,400 91,000 Employee Ken S Tim V Complete this question by entering your answers in the tabs below. Required A Compute the amounts in this table for each employee. Pay Subject to FICA Social Security Steve S Julie W Michael M Zach R Christina S Kitty O John W Totals 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. Required B Employee Julie W Michael Mi Zach R Cumulative Pay $ 5,200 44,400 91,000 147,500 110,900 137,700 141,000 40,900 4,500 $ 723,100 Cumulative Pay $ 147,500 110,900 137,700 Employee Christina S Kitty 0 John Wi Required A Pay Subject to Pay Subject to Pay Subject to FICA Medicare FUTA Taxes SUTA Taxes Cumulative Pay $ 141,000 40,900 4,500 Required B >
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 $ 5,200 44,400 91,000 Employee Ken S Tim V Complete this question by entering your answers in the tabs below. Required A Compute the amounts in this table for each employee. Pay Subject to FICA Social Security Steve S Julie W Michael M Zach R Christina S Kitty O John W Totals 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. Required B Employee Julie W Michael Mi Zach R Cumulative Pay $ 5,200 44,400 91,000 147,500 110,900 137,700 141,000 40,900 4,500 $ 723,100 Cumulative Pay $ 147,500 110,900 137,700 Employee Christina S Kitty 0 John Wi Required A Pay Subject to Pay Subject to Pay Subject to FICA Medicare FUTA Taxes SUTA Taxes Cumulative Pay $ 141,000 40,900 4,500 Required B >
es Complete this question by entering your answers in the tabs below. Required A 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. (Round your final answers to 2 decimal places.) Required FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes Tax Paid by Employee Tax Paid by Employer < Required A Total Tax Required >
Transcribed Image Text:es Complete this question by entering your answers in the tabs below. Required A 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. (Round your final answers to 2 decimal places.) Required FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes Tax Paid by Employee Tax Paid by Employer < Required A Total Tax Required >
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Determination of Tax Liability
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
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
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS