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 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. points Current Week Gross Pay through Aug. 18 $127,300 127,500 6,900 1,250 Name Dali Trey Kiesha Chee eBook Gross Pay $2,000 900 450 400 Income Tax Withholding $ 284 145 39 Print 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. References 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 Dali Trey Kiesha 1,100.00 900.00 450.00 400.00 6.20% 6.20% 6.20% 6.20% 6.20% Total 68.20 55.80 27.90 24.80 176.70 Chee $ 2) Employees' FICA Withholdings for Medicare Earnings Employee Tax Rate Subject to Tax Tax Amount Tax Rate 1.45% Check my work 2) Employees' FICA Withholdings for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount 10 points $ $ Tax Rate Dali Trey Kiesha 2,000.00 900.00 450.00 400.00 1.45% 1.45% 1.45% 1.45% 1.45% Total 29.00 13.05 6.53 eBook Chee 5.80 $ 54.38 Print 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount References $ $ 68.20 Tax Rate Dali Trey Kiesha 1,100.00 900.00 6.20% 6.20% 6.20% 6.20% 55.80 450.00 400.00 Chee 6.20% 27.90 24.80 176.70 Total $ 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount $ $ Tax Rate Dali Trey Kiesha Chee 2,000.00 900.00 450.00 400.00 1.45% 1.45% 1.45% 1.45% 1.45% Total 29.00 13.05 6.53 5.80 54.38 $ Check my work 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount points 0.00|| Tax Rate Dali Trey Kiesha Chee 0.00 450.00 400.00 0.60% 0.60% 0.60% 0.60% $ 0.60% $ Total $ eBook 2.70 2.40 5.10 Print 6) Employer's SUTA Taxes Earnings Employee Subject to Tax References Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee T Total $ 0.00 $ $ $ 7) Each Employee's Net (take-home) Pay Employee Dali Gross Pay $ 2,000.00 Income tax withholding 284.00 FICA - Social Security 68.20 FICA - Medicare 29.00 Health Insurance Trey 900.00 145.00 55.80 13.05 Kiesha $ 450.00 39.00 27.90 6.53 Chee 400.00 30.00 24.80 5.80 801 Total 3,750.00 498.00 176.70 54.38 0.00 0.00 Net Pay $ Check my Work TUA IKULU Dali Trey Kiesha 10 points Chee Total Total $ 0.00 eBook $ $ $ Print 7) Each Employee's Net (take-home) Pay Employee Dali Dali Gross Pay $ 2,000.00 Income tax withholding 284.00 FICA - Social Security 68.20 FICA - Medicare 29.00 Health Insurance Net Pay Trey 900.00 145.00 55.80 13.05 Kiesha $ 450.00 39.00 27.90 6.53 Chee 400.00 30.00 24.80 5.80 Total 3,750.00 498.00 176.70 54.38 0.00 0.00 References $ $ $ 8) Employer's total payroll-related expense for each employee. Employee Dali Trey Kiesha Gross Pay $ 2,000.00 $ 900.00 $ 450.00 FICA - Social Security 68.20 55.80 27.90 FICA - Medicare 29.00 13.05 6.53 FUTA 0.00 0.00 2.70 SUTA 0.00 0.00 0.00 Health Insurance I D Pension Total Payroll Expense $ 2,097.20 $ 968.85 $ 487.13 Chee 400.00 24.80 5.80 2.40 0.00 Total 3,750.00 176.70 54.38 5.10 0.00 0.00 0.00 3.986.18 $ 433.00 $
