Question
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.
Current Week | ||||||||||||||
Name | Gross Pay through Aug. 18 | Gross Pay | Income Tax Withholding | |||||||||||
Dali | $ | 116,150 | $ | 4,300 | $ | 611 | ||||||||
Trey | 116,800 | 1,700 | 274 | |||||||||||
Kiesha | 9,400 | 680 | 59 | |||||||||||
Chee | 3,350 | 630 | 47 | |||||||||||
In addition to gross pay, the company must pay one-half of the $106 per employee weekly health insurance; each employee pays the remaining one-half. 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.):
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