Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Homework 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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Homework 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 145% 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 Carrant Week Gree Day thro o g. 1 $127.300 127.500 roes Day $2,000 Income Tax withholding 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 of each employee's gross payat no cost to employees) to a pension und Required: Compute the following for the week ended August 25. Round your intermediate calculations and final answers to 2 decimal places.) 1) Employees' FICA Weholdings for Social Security Employee Subject to ar Tax Rate Tax Amount Tax R MacBook Air Boley FC W orld Series The Amor Employee sublect to Tax Rate Dali Trey Kiesha Chee UN Total $ 0.00 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Subject to Tax Tax Rate Tax Amount Tax Rate Dali Kiesha X Tax Rate Dali Trey Kiesha Chee T Total $ 0.00 5) Employer's FUTA Taxes Employee Earnings Sublect to Thy Tax Rate Tax Amount Tax Rate Dali aces Kesha Chee 6) Employer's SUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dall Trey Kiesha Chee $ 0.00

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

Iso 9000 Quality Systems Auditing

Authors: G. D. Green, Dennis Green

1st Edition

0566079003, 978-0566079009

More Books

Students also viewed these Accounting questions