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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Madison Company has nine employees. FICA Social Security taxes are 6.2% of the first $106,800 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 employee. Cumulative pay for the current year for each of its employees follows.
|
Employee |
Cumulative Pay |
Employee |
Cumulative Pay |
Employee |
Cumulative Pay |
|
Steve S |
$ 6,000 |
Christina S |
$156,800 |
Dana W |
$116,800 |
|
Tim V |
60,000 |
Michelle H |
106,800 |
Stewart M |
36,800 |
|
Brent G |
87,000 |
Kathleen K |
110,000 |
Sankha B |
4,000 |
a. 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.
b. For the company, compute each total for: FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes.
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