Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Check my work 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 66% 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 $125,209 125,20 8, eee 1,950 Current Week Income Tax Gross Pay withholding $4,8ee $ 412 3,200 387 1,200 47 1,800 37 In addition to gross pay, the company must pay one-half of the $78 per employee weekly health Insurance, each employee pays the remaining one-halt. 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 Check my 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 Tax Rate Subject to Tax Tax Amount Tax Rate Dali Trey Kiesha Chee Total 2) Employees' FICA Withholdings for Medicare Employee Earnings Tax Rate Subject to Tax Tax Rate Tax Amount Dali Trou 7 of 18 SUS Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total Prev 7 of 18 Next > 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha 1 Chee Total 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee FICA - Medicare Health Insurance Net Pay 8) Employer's total payroll-related expense for each employee. Employee Dali Trey Kiesha Gross Pay $ 4,800.00 $ 3,200.00 $ 1,200.00 FICA - Social Security FICA - Medicare Chee Total 1,800.00 $ 11,000.00 $ es FUTA SUTA Health Insurance Pension Total Payroll Expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Unknown Author

1st Edition

007723023X, 978-0077230234

More Books

Students also viewed these Accounting questions