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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 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.

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Answer #1

Answer 1:

Employee Cumulative Pay FICA Social Security taxes are FICA Medicare 6.2% of the first $127,200 taxes (1.45%) FUTA taxes (0.6

Answer (b):

FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes Total Tax paid by Employer $41, 242.40 $9,918.00 $4,104.

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