Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company€™s FUTA taxes are 0.6% and SUTA taxes are 1.75%. The company is preparing its payroll calculations for the week ended September 30. Payroll records show the following information for the company€™s four employees.

In addition to gross pay, the company must pay one-half of the $50 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 5% of each employee€™s gross pay (at no cost to employees) to a pension fund.
Required
Compute the following for the week ended September 30 (round amounts to the nearest cent):
1. Each employee€™s FICA withholdings for Social Security.
2. Each employee€™s FICA withholdings for Medicare.
3. Employer€™s FICA taxes for Social Security.
4. Employer€™s FICA taxes for Medicare.
5. Employer€™s FUTA taxes.
6. Employer€™s SUTA taxes.
7. Each employee€™s net (take-home) pay.
8. Employer€™s total payroll-related expense for each employee.

Transcribed Image Text:

Gross Pay through Sep. 23 $115,400 115,485 Current Week Name Ahmed Carlos June Marie Gross Pay $2,500 1,515 475 1,000 Income Tax Withholding 198 182 32 68 6,650 22,200