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1) Employees' FICA Withholdings for Social Security 2) Employees' FICA Withholdings for Medicare 3) Employer's FICA Taxes for Social Security 4) Employer's FICA taxes for
1) Employees' FICA Withholdings for Social Security
2) Employees' 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
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $132.900 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 5.4%. 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. Current Week Gross Pay Name through Aug. 18 Gross Pay Income Tax Withholding Dall $131,800 $2,eee Trey 132,000 Kiesha 6,990 Chee 1,25e 960 450 4e2 $ 284 145 39 30 In addition to gross pay, the company must pay two-thirds of the $60 per employee weekly health insurance: each employee pays the remaining one-third. 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 your Intermediate calculations and final answers to 2 decimal places.) 1) Employees' FICA Withholdings for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate 8.20% Dali S 8.20% s 2,000.00 900.00 303.80 55.80 Trey 6.2096 Kiesha 450.00 8.20% 27.90 Chee 400.00 8.20% 24.80 Total S 412.30 2) Employees' FICA Withholdings for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total s 0.00 3) Employer's FICA Taxes for Social Security Employee Earnings Tax Rate Subject to Tax Tax Amount Tax Rate Dali Trey KieshaStep by Step Solution
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