Hollow Company provides you with following information for two of its employees. The company is subject to the following taxes.TaxRateApplied ToFICA-Social Security6.20%First $128,400FICA-Medicare1.45%All gross payFUTA0.60%First $7,000SUTA5.40%First $7,000Compute amounts for each of these four taxes as applied to each employee's gross earnings for November.Gross Pay through OctoberGross Pay for Novembera. $6,400$2,000b. $112,000$9,400
What will be an ideal response?
| a. | Wages Subject to Tax | Rate | Taxes |
| FICA-Social Security | $2,000 | 6.20% | $124.00 |
| FICA-Medicare | 2,000 | 1.45 | 29.00 |
| FUTA | 600 | 0.60 | 3.60 |
| SUTA | 600 | 5.40 | 32.40 |
| b. | Wages Subject to Tax | Rate | Taxes |
| FICA-Social Security | $9,400 | 6.20% | $582.80 |
| FICA-Medicare | 9,400 | 1.45 | 136.30 |
| FUTA | 0 | 0.60 | .00 |
| SUTA | 0 | 5.40 | .00 |
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