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Having trouble with this question. Thanks! Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee,
Having trouble with this question. Thanks!
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. Current Week Gross Pay through Name Aug. 18 Dali $124,000 Trey 125,600 Kiesha 9,200 Chee 3,150 Gross Pay $4,900 2,800 1,800 1,600 Income Tax Withholding $ 582 290 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.): 6.20% Tax Rate Dali Trey Kiesha Chee Total $ 0.00 2) Employees' FICA Withholdings for Medicare Earnings Tax Employee Subject to Tax Rate Amount Tax Tax Rate Dali Trey Kiesha Chee Total 3) Employer's FICA Taxes for Social Security Earnings Employee Tax Subject to Tax Rate Amount Tax Tax Rate Dali Trey Kiesha Chee Total 4) Employer's FICA Taxes for Medicare Earnings Employee Subject to Tax Rate Tax Tax Rate Dali Amount Trey Kiesha Chee Total 5) Employer's FUTA Taxes Earnings Employee Subject to Tax Rate Tax Tax Rate Dali Tax Amount Trey Kiesha Chee Total Tax Rate Tax Amount 6) Employer's SUTA Taxes Earnings Employee Subject to Tax Tax Rate Dali Trey Kiesha Chee Total Kiesha Chee Total 7) Each Employee's Net (take-home) Pay Employee Dali Trey Gross Pay 4,900.00 2,800.00 Income tax 582.00 290.00 withholding FICA - Social Security FICA - Medicare Health Insurance Net Pay 1,800.00 57.000 1.600.000 11.100.00 46.00 975.00|| 0.00 Total 11,100.00 8) Employer's total payroll-related expense for each employee. Employee Dali Trey Kiesha Chee Gross Pay 4,900.00 2,800.00 1,800.00 1,600.00 FICA - Social Security FICA - Medicare FUTA SUTA Health Insurance Pension Total Payroll ExpenseStep by Step Solution
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