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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 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. Current Week Gross Pay through Aug. 18 $124,200 Income Tax Withholding S 554 306 Gross Pay $4,700 3,400 1,600 1,000 Name Dali Trey Kiesha Chee 125,000 9,000 2,950 55 44 In addition to gross pay, the company must pay one-half of the $98 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 Subject to Tax Employee Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee S 0.00 Total 2) Employees' FICA Withholdings for Medicare Earnings Subject to Tax Employee Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total S 0.00 3) Employer's FICA Taxes for Social Security Earnings Subject to Tax Employee Tax Rate m Tax Rate Dali Trey Kiesha Chee Total S 0.00 4) Employer's FICA Taxes for Medicare Earnings Subject to Tax Employee Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total S 0,00 5) Employer's FUTA Taxes Earnings Subject to Tax Employee Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee S 0,00 Total 6) Employer's SUTA Taxes Earnings Subject to Tax Employee Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total S 0.00 7) Each Employee's Net (take-home) Pay Total Employee Dali Trey Kiesha Chee Gross Pay S S 4,700.00 3,400.00 1,600.00 1,000.00 10,700.00 Income tax withholding 554,00 959,00 306.00 55.00 44.00 FICA Social Security 0.00 FICA Medicare 0.00 Health Insurance 0.00 Net Pay 0,00 8) Employer's total payroll-related expense for each employee. Employee Dali Trey Kiesha Chee Total S 10,700.00 Gross Pay S S S 4,700.00 3,400.00 1,600.00 1,000.00 FICA - Social Security 0.00 0.00 0,00 0.00 0.00 FICA Medicare 0,00 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 S S 4,700,00 S 3,400.00 1,600,00 1,000.00 10.700,00
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