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Posted on Aug 27, 2024

3a Saved Hel Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. has four employees. FICA Social Security taxes are 6.2% of

3a Saved Hel Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 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. Name Dali Trey Kiesha Chee Gross Pay through Aug. 18 $124,600 125,800 8,600 2,550 Current Week Income Tax Gross Pay withholding $4,500 $ 497 2,600 338 1,000 52 1,000 41 In addition to gross pay, the company must pay one-half of the $90 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. ces 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 6.20% Tax Rate Dali S 1,100.00 2,600.00 1,000.00 6.20% 6.20% 68.20 161.20 Trey Kiesha 62.00 6.20% 6.20% 1,000.00 62.00 Chee Connect + education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252 Saved In addition to gross pay, the company must pay one-half of the $90 per employee weekly health remaining one-half. The company also contributes an extra 8% of each employee's gross pay (at fund. Required: Compute the following for the week ended August 25. (Round your intermediate calculations an places.): 1) Employees' FICA Withholdings for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali $ 68 20 Trey Kiesha 1,100.00 2,600.00 1,000.00 1,000.00 6.20% 6.20% 6.20% 6.20% 161.20 Chee 6.20% 62.00 62.00 353.40 Total $ 2) Employees' FICA Withholdings for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dall $ $ Trey Kesha Chee 4,500.00 2,600.00 1.000.00 1,000.00 1.45% 1.45% 1.45% 1.45% 1.45% 66.70 37.70 14.50 Total $ 14.50 133.40 Prey 1 of 1 Next ducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F% i Saved 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount 6.20% Tax Rate Dali $ 0.00 $ 68.20 Trey 2.600.00 0.00 Kiesha 1,000.00 0.00 Chee 1,000.00 0.00 Total $ 68.20 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate 1.45% $ 1.45% $ Dali Trey Kiesha 1.45% 4,500.00 2.600.00 1,000.00 1,000.00 29.00 37.70 14.50 1.45% Chee 1.45% 14.50 Total $ 95.70 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey 0.00 0.60% 0.60% 0.60% 0.00 Prey 1 of 1 BB BE Next Saved 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate 0.60% 0.60% Dali 0.00 Trey 0.00 0.60% Kiesha 1,000.00 1,000.00 Chee 0.60% $ 6.00 Total $ 6.00 6) Employer's SUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali $ 0.00 5.40% 5.40% 5.40% Trey 0.00 Klesha Chee 950.00 1.000.00 $ 54.00 5.40% Total $ 54.00 7) Each Employee's Net (take-home) Pay Employee Dall Gross Pay $ 4,500.00 $ Income tax withholding 497.00 FICA - Social Security 68.20 FICA-Medicare 29.00 Klesha Chee Total $ $ Trey 2,600.00 338.00 161.20 37.70 $ 1,000.00 52.00 62.00 14.50 1,000.00 41.00 62.00 14.50 9,100.00 928.00 353.40 95.70 3a Saved Hel Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 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. Name Dali Trey Kiesha Chee Gross Pay through Aug. 18 $124,600 125,800 8,600 2,550 Current Week Income Tax Gross Pay withholding $4,500 $ 497 2,600 338 1,000 52 1,000 41 In addition to gross pay, the company must pay one-half of the $90 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. ces 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 6.20% Tax Rate Dali S 1,100.00 2,600.00 1,000.00 6.20% 6.20% 68.20 161.20 Trey Kiesha 62.00 6.20% 6.20% 1,000.00 62.00 Chee Connect + education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252 Saved In addition to gross pay, the company must pay one-half of the $90 per employee weekly health remaining one-half. The company also contributes an extra 8% of each employee's gross pay (at fund. Required: Compute the following for the week ended August 25. (Round your intermediate calculations an places.): 1) Employees' FICA Withholdings for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali $ 68 20 Trey Kiesha 1,100.00 2,600.00 1,000.00 1,000.00 6.20% 6.20% 6.20% 6.20% 161.20 Chee 6.20% 62.00 62.00 353.40 Total $ 2) Employees' FICA Withholdings for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dall $ $ Trey Kesha Chee 4,500.00 2,600.00 1.000.00 1,000.00 1.45% 1.45% 1.45% 1.45% 1.45% 66.70 37.70 14.50 Total $ 14.50 133.40 Prey 1 of 1 Next ducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F% i Saved 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount 6.20% Tax Rate Dali $ 0.00 $ 68.20 Trey 2.600.00 0.00 Kiesha 1,000.00 0.00 Chee 1,000.00 0.00 Total $ 68.20 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate 1.45% $ 1.45% $ Dali Trey Kiesha 1.45% 4,500.00 2.600.00 1,000.00 1,000.00 29.00 37.70 14.50 1.45% Chee 1.45% 14.50 Total $ 95.70 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey 0.00 0.60% 0.60% 0.60% 0.00 Prey 1 of 1 BB BE Next Saved 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate 0.60% 0.60% Dali 0.00 Trey 0.00 0.60% Kiesha 1,000.00 1,000.00 Chee 0.60% $ 6.00 Total $ 6.00 6) Employer's SUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali $ 0.00 5.40% 5.40% 5.40% Trey 0.00 Klesha Chee 950.00 1.000.00 $ 54.00 5.40% Total $ 54.00 7) Each Employee's Net (take-home) Pay Employee Dall Gross Pay $ 4,500.00 $ Income tax withholding 497.00 FICA - Social Security 68.20 FICA-Medicare 29.00 Klesha Chee Total $ $ Trey 2,600.00 338.00 161.20 37.70 $ 1,000.00 52.00 62.00 14.50 1,000.00 41.00 62.00 14.50 9,100.00 928.00 353.40 95.70