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Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 paid to each employee, and FICA Me

Required A Required B Compute the amounts in this table for each employee. Pay Subject to FICA Pay Subject Pay Subject Cumula

Required A Required B ------------------ For the company, compute each total for: FICA Social Security taxes, FICA Medicare t

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Answer #1

A.

Pay Subject to Pay Subject Pay Subject Pay Subject
Cumulative FICA Social to FICA to FUTA to SUTA
Employee Pay Security Medicare Taxes Taxes
Ken S 6000 6000 6000 6000 6000
Tim V 42800 42800 42800 7000 7000
Steve S 87000 87000 87000 7000 7000
Michelle W 143500 143500 143500 7000 7000
Michael M 106900 106900 106900 7000 7000
Zach R 127200 127200 127200 7000 7000
Lori K 129700 127200 129700 7000 7000
Kitty O 36900 36900 36900 7000 7000
John W 4000 4000 4000 4000 4000
Totals 684000 681500 684000 59000 59000

B.

Tax Paid by Employee Tax Paid by Employer Total Tax
FICA Social Security taxes 42253 42253 84506
FICA Medicare taxes 9918 9918 19836
FUTA taxes 0 354 354
SUTA taxes 0 3186 3186

Working:

Tax Paid by Employee Tax Paid by Employer
FICA Social Security taxes =681500*6.2/100 =681500*6.2/100
FICA Medicare taxes =684000*1.45/100 =684000*1.45/100
FUTA taxes 0 =59000*0.6/100
SUTA taxes 0 =59000*5.4/100
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