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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 FICA Medicare taxes are 1.45%

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the 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 companys FUTA taxes are 0.6% and SUTA taxes are 2.15%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the companys four employees.

Name

Gross Pay

thru Aug. 18

Gross Pay

Income Tax

Withholding

Dali $117,400 $2,000 $284
Trey 117,600 900

145

Keisha 6,900 450 39
Chee 1,250 400 30

In addition to gross pay, the company must pay two-thirds of the $60 per employee weekly health insurance; each employee pays the remaining one-third. The company also contributes an extra 8% of each employees 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.):

image text in transcribed

1) Employees' FICA Withholdings for Social Security 5) Employer's FUTA Taxes Earnings Subject to Tax Earnings Subject to Tax Employee Tax Rate Tax Amount Employee Tax Rate Tax Amount Dali Trey Kiesha Chee re Kiesha Chee 60% 0 60% 0.60% 0-60% Total Total 2) Employees' FICA Withholdings for Medicare 6) Employer's SUTA Taxes Earnings Subject to Tax Earnings Subject to Tax Tax Rate Tax Amount Employee Tax Rate Tax Amount Employee Dali Trey Kiesha re Kiesha Chee 2.15% 2.15% 2.15% Total ) Employees' Net (take-home) Pay Employee Gross Pay Income tax withholding FICA Social Security FICA Medicare Health Insurance Net Pay 3) Employer's FICA Taxes for Social Security Dali Trey Kiesha Chee Total Earnings Subject to Tax Employee Tax Rate Tax Amount S 2.000.00 S 900.00 S 450.00 S 400.00 S 3,750.00 284.00 145.00 30.00 498.00 re Kiesha Chee Total 8) Employer's total payroll-related expense for each employee Employee Gross Pay FICA-Social Security FICA - Medicare FUTA SUTA Health Insurance Pension Total Payroll Expense 4) Employer's FICA Taxes for Medicare Dali Kiesha Chee Total Earnings Subject to Tax Tax Rate Tax Amount S 2.000.00 S 900.00 S 450.00 $ 400.00 3,750.00 Employee Dali Trey Kiesha Chee 1.45% 1.45% 1.45% 1.45% Total

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