Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 paid...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 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 | Michelle W | $ | 143,500 | Lori K | $ | 129,700 |
| Tim V | 42,800 | Michael M | 106,900 | Kitty O | 36,900 | |||
| Steve S | 87,000 | Zach R | 127,200 | 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.
Homework Answers
Answer 1:
Answer (b):
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Mest Company has nine employees. FICA Social Security taxes are
6.2% of the first $127,200 paid...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 paid...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 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 $ 6,000 42,800 87,000 Employee Michelle W Michael M Zach R Cumulative Pay $143,500...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...
Mest Company has nine employees. FICA Social Security taxes are
6.2% of the first $128,400 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
$
5,600
Michelle W
$
149,500
Lori K
$
136,900
Tim V...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 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 $ 6,300 Michelle W $ 153,000 Lori K $ 140,400 Tim V...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 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. 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,...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid...
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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,400 $ 800 b. 2,000 2,100 c. 120,900 8,000 Assuming situation a, prepare the employer’s September 30 journal entries to record...
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $127,200 paid...
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $127,200 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company’s FUTA taxes are 3.5% and SUTA taxes are 2.5%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company’s four employees. Current Week Name Gross Pay through Aug. 18...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA M...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,400 $ 800 b. 2,000 2,100 c. 120,900 8,000 Compute BMX’s amounts for each of these four taxes as applied to...
BMX Company has one employee, FICA Social Security taxes are 6.2% of the first S 117,000...
BMX Company has one employee, FICA Social Security taxes are 6.2% of the first S 117,000 paid to its employee,and FICA Medicaretaxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first S7.000 paid to its employee. Pay through August a. b. C. S 6,400 18.200 110,700 Gross Pay for Septemberl S 800 2.100 8,000 Compute BMXCs amounts for each of these four taxes as applied to the employee's gross...
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees. Name Dali Trey Kiesha Chee Gross Pay through...
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 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 $ 6,000 42,800 87,000 Employee Michelle W Michael M Zach R Cumulative Pay $143,500...
Mest Company has nine employees. FICA Social Security taxes are
6.2% of the first $128,400 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
$
5,600
Michelle W
$
149,500
Lori K
$
136,900
Tim V...
BMX Company has one employee, FICA Social Security taxes are 6.2% of the first S 117,000 paid to its employee,and FICA Medicaretaxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first S7.000 paid to its employee. Pay through August a. b. C. S 6,400 18.200 110,700 Gross Pay for Septemberl S 800 2.100 8,000 Compute BMXCs amounts for each of these four taxes as applied to the employee's gross...
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees. Name Dali Trey Kiesha Chee Gross Pay through...
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