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Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FIC taxes are 1.45% of
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FIC 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 SI 2.15%. The company is preparing its payroll calculations for the week ended August 25, Payroll records show the followin for the company's four employees Current Week Gross Pay Income lax through Aug. 18 Gross Pay Withholding Name Dali Trey Kiesha Chee $115,800 116,450 8,700 2,650 $3,600 2,050 610 560 $ 511 330 53 In addition to gross pay, the company must pay one-half of the $92 per employee weekly health insurance; each employ remaining one-half. The company also contributes an extra 8% of each employee's gross pay at no cost to employees) to fund Required Compute the following for the week ended August 25. (Round your intermediate calculations and final answers to 2 de places.) 1) Employees' FICA Withholdings for Social Security Earnings Subject to Tax Tax Rate Tax Amount Employee Dali Trey Kiesha Chee Total S 0.00 2) Employees' FICA Withholdings for Medicare Earnings Subject to Tax Employee Tax Rate Tax Amount
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