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Paloma Co. has four employees. FICA Social Security taxes are 6.2% ofthe first $118.500 paid to each employee, and FICA Medicare taxes are 1.45% of

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Paloma Co. has four employees. FICA Social Security taxes are 6.2% ofthe first $118.500 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 0.6% and SUTA taxes are 215%. 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. Income Tax Dali $115,850 116,500 8,800 2,750 s 525 322 54 43 2,000 620 Kiesha 570 In addition to gross pay, the company must pay one-half of the $94 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.) FICA Tax Rate Tax Amount Employee Subject to Tax Trey 10 of 10 Meat'.

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