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Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45%

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 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 companys FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the companys four employees.image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 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 5.4%. 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. Name Dali Trey Kiesha Chee Gross Pay through Aug. 18 $125,300 125,400 7,900 1,850 Current Week Income Tax Gross Pay withholding $5,800 $ 398 3,000 395 2,000 46 1,600 36 In addition to gross pay, the company must pay one-half of the $76 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 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 Total $ 0.00 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali 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 Trey Kiesha Chee Total $ 0.00 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 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 $ 5,800.00 $ 3,000.00 $ 2,000.00 $ 1,600.00 $ 12,400.00 Gross Pay Income tax withholding FICA - Social Security 398.00 395.00 46.00 36.00 875.00 0.00 FICA - Medicare 0.00 Health Insurance 0.00 Net Pay $ 0.00 Trey Chee Total 8) Employer's total payroll-related expense for each employee. Employee Dali Kiesha Gross Pay $ 5,800.00 $ 3,000.00 $ 2,000.00 FICA - Social Security 0.00 0.00 0.00 FICA - Medicare 0.00 0.00 0.00 $ 1,600.00 $ 12,400.00 0.00 0.00 0.00 0.00 FUTA 0.00 0.00 0.00 0.00 0.00 SUTA 0.00 0.00 0.00 0.00 0.00 Health Insurance 0.00 Pension 0.00 Total Payroll Expense $ 5,800.00 $ 3,000.00 $ 2,000.00 $ 1,600.00 $ 12,400.00

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