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Mest Company has nine employees
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 Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay Ken S $ 6,000 Julie W $143,500 Christina S $135,400 Tim V 40,400 Michael M 106,900 Kitty 0 36,900 Steve S 87,000 Zach R 132,900 John W 4,000
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.
Expert Solution
PFA
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