Chapter 11T https:/ /connect.html has 9 employees RCA Socal Security taxes are 6

Question

Chapter 11T https:/ /connect.html has 9 employees RCA Socal Security taxes are 6.2% of the first$118,500 paid to each employee, and FICA Medi taxes are 1 45% of gross pay FUTA taxes are O 6% and SUTA taxes are 5.4%of the first $7,000 paid to each employee cumulan. pay for the current year for each of ts employees follows. Ken S Tin V Steve S 6,800 68,289 87,eee Michael M $143,500 Erin C 106,90 118,588 LorK Kitty O John W $121,000 36,900 4,000 Kyle 8 a. Compute the amounts in this table for each employee. to FICA to FUTA Ken S Tim V Steve S Michael M Enn C Kyle B Lori K Kitty 0,000 00.200 87.000 143.500 100.900 118.500 121.000 36.900 4.000 084 000 Totals Prev 50, 6 lll Next > to search

Explanation / Answer

a Compute the amounts in this table for each employee Cumulative first 118500*6.20% Cumulative*1.45% Cumulative*0.60% Cumulative first 7000*5.40% 6.20% 1.45% 0.60% 5.40% Pay Subject to Pay Subject to Pay Subject to Pay Subject to Cumulative FICA Social To FICA To FUTA To SUTA Employee Pay Security Medicare Taxes Taxes Ken S $6,000 $372.00 $87.00 $36.00 $324.00 Tim V $60,200 $3,732.40 $872.90 $361.20 378 Steve S $87,000 $5,394.00 $1,261.50 $522.00 378 Michelle H $143,500 $8,897.00 $2,080.75 $861.00 378 Eric C $106,900 $6,627.80 $1,550.05 $641.40 378 Kyle B $118,500 $7,347.00 $1,718.25 $711.00 378 Lori K $121,000 7347 $1,754.50 $726.00 378 Kitty O $36,900 $2,287.80 $535.05 $221.40 378 John W $4,000 $248.00 $58.00 $24.00 216 $684,000 $42,253.00 $9,918.00 $4,104.00 $3,186.00 b Tax Paid by Employee Tax Paid by Employer Total Tax FICA Social Security $42,253 $42,253 71.06% FICA Medicare $9,918 $9,918 16.68% FUTA Taxes $4,104 4104 6.90% SUTA Taxes $3,186 3186 5.36% $59,461

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