9-3A (Algo) Payroll expenses, withholdings, and taxes LO P2, P3 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 Name Gross Pay through Aug. 18 Gross Pay Income Tax Withholding Dali Trey Kiesha Chee $124,000 130,100 9,200 3,150 $4,900 $ 582 2,800 290 1,800 1,600 57 46 In addition to gross pay, the company must pay one-half of the $102 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 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 6.20% Dali $ 4,900.00 6.20% 303.80 Trey 2,800.00 6.20% 173.60 Kiesha Chee 1,800.00 6.20% 111.60 1,600.00 6.20% 99.20 Total $ 688.20 2) Employees' FICA Withholdings for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate 1.45% Dali $ 4,900.00 1.45% $ 71.05 Trey 2,800.00 1.45% 40.60 Kiesha 1,800.00 1.45% 26.10 Chee 1,600.00 1.45% 23.20 Total $ 160.95 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate 6.20% Dali $ 4,900.00 6.20% $ 303.80 Trey Kiesha Chee 2,800.00 6.20% 173.60 1,800.00 6.20% 111.60 1,600.00 6.20% 99.20 Total $ 688.20 4) Employer's FICA Taxes for Medicare Employee Tax Rate Dali Trey Kiesha Chee 5) Employer's FUTA Taxes Employee Tax Rate Dali Trey Kiesha Chee 6) Employer's SUTA Taxes Employee Tax Rate Dali Trey Kiesha Chee Earnings Subject to Tax Tax Rate Tax Amount 1.45% $ 4,900.00 1.45% $ 71.05 2,800.00 1.45% 40.60 1,800.00 1.45% 26.10 1,600.00 1.45% 23.20 Total $ 160.95 Earnings Subject to Tax Tax Rate Tax Amount Total $ 0.00 Earnings Subject to Tax Tax Rate Tax Amount Total $ 0.00 6) Employer's SUTA Taxes Employee Tax Rate Dali Trey Kiesha Chee Earnings Subject to Tax Tax Rate Tax Amount 7) Each Employee's Net (take-home) Pay Total $ 0.00 Employee Dali Trey Kiesha Chee Total Gross Pay $ 4,900.00 $ 2,800.00 $ 1,800.00 $ 1,600.00 $ 11,100.00 Income tax withholding 582.00 290.00 57.00 46.00 975.00 FICA-Social Security 303.80 173.60 111.60 99.20 688.20 FICA Medicare 71.05 40.60 26.10 23.20 160.95 Health Insurance 0.00 Net Pay $ 0.00 8) Employer's total payroll-related expense for each employee. Employee Dali Trey Kiesha Chee Total Gross Pay $ 4,900.00 $ FICA Social Security 303.80 173.60 2,800.00 $ 1,800.00 111.60 $ 1,600.00 $ 11,100.00 99.20 688.20 FICA Medicare 71.05 40.60 26.10 23.20 160.95 FUTA 0.00 0.00 0.00 0.00 0.00 SUTA 0.00 0.00 0.00 0.00 0.00 Health Insurance 0.00 Pension 0.00 Total Payroll Expense $ 5,274.85 $ 3,014.20 $ 1,937.70 $ 1,722.40 $ 11,949.15