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Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $132,900 paid to each employee, and FICA Medicare taxes are
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $132,900 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 Name Dali Trey Kiesha Chee Gross Pay through Aug. 18 Gross Pay Income Tax Withholding $124,000 130,100 9,200 3,150 $4,900 2,800 1,800 1,600 $ 582 290 57 46 In addition to gross pay, the company must pay one-half of the $102 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 Tax Rate Dali Trey Kiesha Chee Earnings Subject to Tax Tax Rate Tax Amount 2) Employees' FICA Withholdings for Medicare Employee Tax Rate Dali Trey Kiesha Chee Total Earnings Subject to Tax Tax Rate Tax Amount Total 3) Employer's FICA Taxes for Social Security Employee Tax Rate Dali Trey Kiesha Chee Earnings Subject to Tax Tax Rate Tax Amount 4) Employer's FICA Taxes for Medicare Employee Tax Rate Dali Trey Kiesha Chee 5) Employer's FUTA Taxes Employee Tax Rate Dali Trey Kiesha Chee 6) Employer's SUTA Taxes Total Earnings Subject to Tax Tax Rate Tax Amount Total Earnings Subject to Tax Tax Rate Tax Amount Total 6) Employer's SUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee 7) Each Employee's Net (take-home) Pay Total Employee Dali Trey Kiesha Chee Total Gross Pay Income tax withholding $ 4,900.00 $ 582.00 2,800.00 $ 290.00 1,800.00 $ 57.00 46.00 1,600.00 $ 11,100.00 975.00 FICA- Social Security FICA - Medicare Health Insurance Net Pay 8) Employer's total payroll-related expense for each employee. Employee Gross Pay FICA- Social Security Dali Trey Kiesha $ 4,900.00 $ 2,800.00 $ 1,800.00 $ FICA - Medicare FUTA SUTA Health Insurance Pension Total Payroll Expense Chee Total 1,600.00 $ 11,100.00
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