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Check my work Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. has four employees FICA Social Security taxes are 62% 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 54%. 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 None Dali Trey Kiesha Chee Gross Pay through Aug, 18 $124,800 126,000 1,400 2,35e Current Week Income Tax Gross Pay Withholding $5,000 5469 354 2,000 50 1,400 2,400 In addition to gross pay, the company must pay one-half of the $86 per employee weekly health insurance, each employe 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 Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 2) Employees' FICA Withholdings for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Chee Total $ 0.00 3) Employer's FICA Taxes for Social Security Employee Earings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Es 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 To Dali Trey Kiesha Chee Total $ 0.00 5) Employer's FUTA Taxes Employee Earings Subject to Tax Tax Rate Tax Amount Les Tax Rate Dali Trey Kiesha Chee Total $ 0.00 6) Employer's SUTA Taxes Employee Earnings Subiect to Tax Tax Rate Tax Amount 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 Income tax withholding FICA - Social Security 5,000.00 469.00 2,400.00 $ 354.00 2,000.00 $ 50.00 1,400.00 $ 10,800.00 40.00 913.00 0.00 0.00 FICA - Medicare Health Insurance 0.00 $ 0.00 Net Pay Trey Kiesha Chee Total $ 2,400.00 $ 7) Euch Employee's Net (take home) Pay Employee Dali Gross Pay $ 5,000.00 Income tax withholding 469.00 FICA - Social Security FICA - Medicare 2,000.00 $ 50.00 1,400.00 $ 10,800.00 40.00 913.00 354.00 0.00 Health Insurance 0.00 0.00 0.00 Net Pay Total Chee 1.400.00 0.00 $ 10,800.00 0.00 8) Employer's total payroll related expense for each employee. Employee Dali Trey Kiesha Gross Pay $ 5,000.00 $ 2.400.00 $ 2,000.00 $ FICA - Social Security 0.00 0.00 0.00 FICA - Medicare 0.00 0.00 0.00 FUTA 0.00 0.00 0.00 SUTA 0.00 0.00 0.00 Health Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Pension 0.00 10,800.00 $ $ 5,000.00 2.400.00 S Total Payroll Expense $ 2,000.00 $ 1.400.00 FA
