Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help in this exercise plz.The book is financial and managerial accounting wild, 6e Chapter 9 problem 9-3A Problem 9-3A Payroll expenses, withholdings, and

I need help in this exercise plz.The book is financial and managerial accounting wild, 6e Chapter 9 problem 9-3A

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. Stars has four employees. FICA Social Security taxes are6 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 6% and SUTA taxes are 6.20%. 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 Income Tax Withholding $355 137 48 38 Gross Pay Name through Aug. 18 Dahlia Gross Pay Trey Kiesha Chee $115,500 116,150 8,100 2,050 $2,500 850 550 500 In addition to gross pay, the company must pay one-half of the $80 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 Earnings Subject to Tax Tax Rate Tax Amount Employee Dahlia Trey Kiesha Chee Total

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_2

Step: 3

blur-text-image_3

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

The Taxpayers Rights Before During And After The Tax Audit In Cameroon

Authors: Salomon Malang II

1st Edition

6205877058, 978-6205877050

More Books

Students also viewed these Accounting questions