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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.

Current Week
Name Gross Pay through Aug. 18 Gross Pay Income Tax Withholding
Dali $ 117,500 $ 2,100 $ 298
Trey 117,700 800 129
Kiesha 7,200 460 40
Chee 1,150 410 31

In addition to gross pay, the company must pay one-half of the $62 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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1) Employees' FICA Withholdings for Social Security Earnings Subject to Tax Employee Tax Rate Tax Amount Dali Trey Kiesha Chee Total 2) Employees' FICA Withholdings for Medicare Earnings Subject to Tax Employee Tax Rate Tax Amount Dali Trey Kiesha Chee Total

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