Exercise 9-11 Computing payroll taxes P2 P3 Mest Company has nine employees. FICA Social Security taxes...

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Exercise 9-11 Computing payroll taxes P2 P3 Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137,700 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 Ken S $ 6,000 Julie W $143,500 Christina S Cumulative Pay Employee Cumulative Pay $140,200 Tim V Steve S Michael M Zach R 106,900 137,700 Kitty O John W 40,400 87,000 36,900 4,000 a. Prepare a table with the following six column headings. Compute the amounts in this table for each employee and then total the numerical columns. Employee Cumulative Pay Pay Subject to FICA Social Security Pay Subject to FICA Madicare Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes b. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Hint: Remember to include in those totals any employee share of taxes that the company must collect. Round amounts to cents. Exercise 9-11 Computing payroll taxes P2 P3 Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137,700 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 Ken S $ 6,000 Julie W $143,500 Christina S Cumulative Pay Employee Cumulative Pay $140,200 Tim V Steve S Michael M Zach R 106,900 137,700 Kitty O John W 40,400 87,000 36,900 4,000 a. Prepare a table with the following six column headings. Compute the amounts in this table for each employee and then total the numerical columns. Employee Cumulative Pay Pay Subject to FICA Social Security Pay Subject to FICA Madicare Pay Subject to FUTA Taxes Pay Subject to SUTA Taxes b. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Hint: Remember to include in those totals any employee share of taxes that the company must collect. Round amounts to cents.