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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 Income Tax Name through Aug. 18 Gross Pay Withholding Dali $ 124, 300 124, 800 $4, 600 $ 540 Trey 3,600 314 Kiesha 8,900 1, 200 55 Chee 2, 850 1, 400 A4 In addition to gross pay, the company must pay one-half of the $96 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 lax Tax Rate Tax Amount Tax Rate 6.20% Dali 285.20 6.20% Trey Kiesha Chee Total 0.00 2) Employees' FICA Withholdings for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate 1.45% Dali 4,600.00 1.45% 66.70 Trey 3,600.00 1.45% 52.20 Kiesha 1,200.00 1.45% 17.40 Chee 1,400.00 1.45% 20.30 Total $ 156.60 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00Total 0.00 2) Employees' FICA Withholdings for Medicare Employee Earnings Press |F11 to exit full screen Subject to Tax Tax Rate Tax Amount Tax Rate 1.45% Dali 4,600.00 1.45% 66.70 Trey 3,600.00 1.45% 52.20 Kiesh 1,200.00 1.45% 17.40 Chee ,400.00 .45% 20.30 Total $ 156.60 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total 0.00 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 6) Employer's SUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 7) Each Employee's Net (take-home) Pay Employee Dali Trey Kiesha Chee Total Gross Pay 4,600.00 $ 3,600.00 $ 1,200.00 $ 1,400.00 $ 10,800.00 Income tax withholding 540.00 314.00 55.00 14.00 953.00 FICA - Social Security 0 00 FICA - Medicare 0.00 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 4,600.00 $ 3,600.00 $ 1,200.00 $ 1,400.00 $ 10,800.00 FICA - Social Security 0.00 0.00 0.00 0.00 0.00 FICA - Medicare 0.00 0.00 0.00 0.00 0.00 -UTA 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 $ 4,600.00 $ 3,600.00 $ 1,200.00 $ 1,400.00 $ 10.800.00
