Name: Payroll calculations: Understand how net pay is calculated and what is included in a company's...

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Name: Payroll calculations: Understand how net pay is calculated and what is included in a company's total payroll expense. Paloma Stars Co. has three employees. The company is preparing its payroll calculations for the month ended Sept 30, 2019. Payroll records show the following information for the company's three employees. a. In addition to gross pay, the company pays one-half of the $500 per employee monthly health insurance; each employee pays the remaining one-half. b. The company also contributes 6% of each employee's gross pay to a 401K plan. September Employee 401K Name Sylvia Gross Pay through Aug Income Tax Employer 401K $119,700 Gross Pay $14,250 Withholding contribution $3,900 15% contribution 6% Total Health Insurance $500 Taxes Social Seurity Limits Rate $132,900 6.20% Carlos 30,000 11,250 2,800 10% 6% 500 Medicare 1.45% Larry 5,500 3,000 300 5% 6% 500 FUTA 7,000 0.60% SUTA 45,000 5.20% Required: 1.Using the following payroll register compute the net pay for each employee. Employee's September Payroll Register Employee Gross Pay Income Tax Withholding FICA Social Security FICA Medicare Health Insurance 401K Contribution Net Pay Sylvia Carlos Larry Total 2. Calculate payroll tax and withholding expense and for Paloma Stars Co. Employer's September Payroll Tax and Benefits expense FICA Employee Social Security Sylvia Carlos Larry Total FICA Medicare FUTA SUTA Health Insurance 401K Contribution Total 3. What is the total payroll expense for Paloma Stars Co for September? 4. What will Paloma pay to the United States Treasury for FICA and FIT for Sept payroll taxes? Name: Payroll calculations: Understand how net pay is calculated and what is included in a company's total payroll expense. Paloma Stars Co. has three employees. The company is preparing its payroll calculations for the month ended Sept 30, 2019. Payroll records show the following information for the company's three employees. a. In addition to gross pay, the company pays one-half of the $500 per employee monthly health insurance; each employee pays the remaining one-half. b. The company also contributes 6% of each employee's gross pay to a 401K plan. September Employee 401K Name Sylvia Gross Pay through Aug Income Tax Employer 401K $119,700 Gross Pay $14,250 Withholding contribution $3,900 15% contribution 6% Total Health Insurance $500 Taxes Social Seurity Limits Rate $132,900 6.20% Carlos 30,000 11,250 2,800 10% 6% 500 Medicare 1.45% Larry 5,500 3,000 300 5% 6% 500 FUTA 7,000 0.60% SUTA 45,000 5.20% Required: 1.Using the following payroll register compute the net pay for each employee. Employee's September Payroll Register Employee Gross Pay Income Tax Withholding FICA Social Security FICA Medicare Health Insurance 401K Contribution Net Pay Sylvia Carlos Larry Total 2. Calculate payroll tax and withholding expense and for Paloma Stars Co. Employer's September Payroll Tax and Benefits expense FICA Employee Social Security Sylvia Carlos Larry Total FICA Medicare FUTA SUTA Health Insurance 401K Contribution Total 3. What is the total payroll expense for Paloma Stars Co for September? 4. What will Paloma pay to the United States Treasury for FICA and FIT for Sept payroll taxes?