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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
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 Name Dali Trey Kiesha Cheel Gross Pay through Aug. 18 $127,300 127,500 6,900 1,250 Gross Pay $2,000 900 450 400 Income Tax withholding $284 145 39 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 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 Dal Trey Kiesha Chee Earnings Subject to Tax- Tax Rate Tax Amount + 2) Employees FICA Withholdings for Medicare Employee Itay Ove Total $ 0.00 Earnings Subject to Tax Tax Rate Tax Amount
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