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Need help with all parts of this question. Problem 11-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. Stars has four employees. FICA
Need help with all parts of this question.
Problem 11-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to 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 Gross Pay Income Tax Withholding Name through Aug. 18 Gross Pay Dahlia 116,000 $3,000 $426 Trey 116,650 350 56 Kiesha 9,100 650 56 Chee 3,050 600 45 In addition to gross pay, the company must pay one-half of the $100 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 Tax Rate Tax Amount subject to Tax Employee Dahlia Kiesha S Total 0.00 2) Employees' FICA Withholdings for Medicare Earnings Rate Tax Amount subject to Tax Tax Employee Dahlia Kiesha S Total 0.00Step by Step Solution
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