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Compute each total for fica social security taxes

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Reference no: EM131794360

Mester Company has 9 employees. Fica Social Security taxes are 6.2% of the first $110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes are 5.4% of the first $7,000 paid to each emploee. Cumulative pay for the current year for each of its employees follows.

Steve S. $6,000
Tim V. $60,000
Brent G. $87,000
Christina S. $156,600
Kathleen K. $106,900
Michelle H. $110,100
Lori K. $116,600
Matt B. $36,800
Sankha B. $4,000

1. Prepare a table with the following column headings: Employee, Cumulative Pay, Pay subject to FICA Social Security Taxes, Pay subject to FICA Medicare Taxes, Pay subject to FUTA taxes, Pay subject to SUTA taxes. Compute the amounts in this table for each employee and total the columns. (Please show all work done to get each number)

2. For the company, compute each total for FICA social security taxes, FICA medicare taxes, FUTA taxes, and SUTA taxes. (remember to inclue in those totals any employee share of taxes that the company must collect)

Reference no: EM131794360

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