Refer to Problem 10-3A. Francisco Company’s tax year ends on December 31 and its Employer Identification Number is 851435867. It is located at 12 Round Rock Road, Santa Fe, New Mexico 87501.
Required
I. Prepare a Form 8109 for Francisco Company’s April 15 deposit of its March FICA and employee income taxes.
2. Prepare Francisco Company’s Form 941 for the first quarter.

Problem 10-3A:

Paloma Co. pays its employees each week. Its employees’ gross pay is subject to these taxes:

The company is preparing its payroll calculations for the week ended August 25. 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 \($34\) per employee weekly health insurance;
each employee pays the remaining one-half. The company also contributes an extra 8% of each employee’s gross pay (at no cost to employees) to a pension fund.
Required 

Compute the following for the week ended August 25 (round amounts to the nearest cent):
1. Employer’s FICA taxes for Social Security.
2. Employer’s FICA taxes for Medicare.
3. Employer’s FUTA taxes.
4. Employer’s SUTA taxes.
5. Employer’s total payroll-related expense for each employee.

Transcribed Image Text:

Tax Rate Applied to FICA-Social Security 6.20% First $94,200 FICA Medicare... 1.45 All gross pay FUTA. 0.80 First $7,000 SUTA 2.15 First $7,000