Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I filled some in, but some are missing and if you can check the ones I filled in already for accuracy, I appreciate it. Paloma

image text in transcribedimage text in transcribed

I filled some in, but some are missing and if you can check the ones I filled in already for accuracy, I appreciate it.

image text in transcribedimage text in transcribedimage text in transcribed
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the rst $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the rst $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 Heek Gross Pay through Gross Income Tax Name Aug. 18 Pay Withholding Dali $124,809 $4,998 $ 582 Trey 125 , 630 2 , BBQ 29% Kiesha 9 , 209 1 , 866 57 Chee 3,159 1,69% 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 oost to employees) to a pension fund. Required: Compute the following for the week ended August 25. [Round your intermediate calculations and nal answers to 2 decimal places.): _ 520% ___ $ ____ ____ ____ ___m__ ____ ____ $ - w 5800.00 "45% 5 8\"\" m m _m ____ ____ 3) Employer's FICA Taxes for Social Security Earnings LLLLLL Employee Subject to Tax Rate Tax Tax Amount Tax Rate 6.20% Dali $ 3,400.00 6.20% $ 210.80 Trey 2,200.00 6.20% 136.40 Kiesha 1,400.00 6.20% 86.80 Chee 1,600.00 6.20% 99.20 Total $ 533.20 4) Employer's FICA Taxes for Medicare Earnings Employee Subject to Tax Rate Tax Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 5) Employer's FUTA Taxes Earnings Employee Subject to Tax Rate Tax Tax Amount Tax Rate 0.60% Dali 0.00 0.60% Trey 0.00 0.60% Kiesha 0.00 0.60% Chee Total 0.00 6) Employer's SUTA Taxes Earnings Employee Subject to Tax Rate Tax Tax Amount Tax Rate 5.40% Dali $ 0.00 5.40% Trey 0.00 5.40% Kiesha 0.00 5.40% Chee Total $ 0.007) Each Employee's Net (take-home) Pay Employee Dali Trey Kiesha Chee Total Gross Pay $ $ $ $ $ 4,900.00 2,800.00 1,800.00 1,600.00 11, 100.00 Income tax withholding 582.00 290.00 57.00 46.00 975.00 FICA - Social Security 210.80 136.40 86.80 99.20 533.20 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 $ $ $ $ $ 4,900.00 2,800.00 1,800.00 1,600.00 11, 100.00 FICA - Social Security 210.80 136.40 86.80 99.20 533.20 FICA - Medicare 0.00 0.00 0.00 0.00 0.00 FUTA 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 $5, 110.80 2,936.40 1,886.80 1,699.20 11,633.20

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

Fundamentals of Cost Accounting

Authors: William N. Lanen, Shannon Anderson, Michael W Maher

6th edition

1259969479, 1259565408, 978-1259969478

More Books

Students also viewed these Accounting questions

Question

Armed conflicts.

Answered: 1 week ago

Question

Pollution

Answered: 1 week ago