Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Paloma Co, has four employees. FICA Social Security taxes are 62% of the first $128.400 paid to each employee, and FICA Medicare taxes are 145%
Paloma Co, has four employees. FICA Social Security taxes are 62% of the first $128.400 paid to each employee, and FICA Medicare taxes are 145% of gross pay. Also, for the first $7,000 paid to each employee, the company's PUTA 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. Dali Trey Kieshe Chee Gross Pay through Aug 18 $125,400 126,00 7,600 1,750 Current le Income Tax Gross Pay Withholding $5,680 538 2.400 403 1.680 45 35 2.ee In addition to gross pay, the company must pay one half of the $74 per employee weekly health surance, each employee pays the remaining one-half. The company also contributes an extra 9% of each employee's gross payat no cost to employees) to a persian 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 Earnings Subject to Tax Tax Rate Te Amount Check my w Required: Compute the following for the week ended August 25. (Round your intermediate calculations and final answers to 2 decimal places.) Tax Amount Employees' TICA Withholdings for Social Security Earnings Employee Tax Rate Subject to a Tax Rate Dal Trey Kisha Chee Total 21 Employees' FICA Withholdings for Medicare Employee Earnings Tax Rate Subject to Tax Tax Anoint Tax Rate Dal 1 25 Employees FICA Withholdings for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amunt Tax Rate Dal Trey Kiesha Chee Total Tax Amount 3) Employer's FICA Taxes for Social Security Earnings Employee Tax Rate Subject to Tax Tax Rate Dali Trey Kiasha Chee Total Next > Gemployer's SUTA Taxes Employee Earnings Subject to lax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total Trey Kiesha Chee Total S $ 2 400.00 $ 403.00 1 600.00 45 00 2 000 00 35 00 11.600.00 866.00 7) Each Employee's Net (take home) Pay Employee Dali Gross Pay $ 5600.00 5 Income tax withholding 38300 FICA - Social Security FACA Medicare Health Insurance Net Pay Prev 15 18 Next > a search FICA - Social Security FICA - Medicare Health Insurance Net Pay Total 8) Employer's total payroll-related expense for each employee. Employee Dali Trey Kiesha Gross Pay $ 5,600.00 $ 2.400.00 $ 1.600.00 $ FICA - Social Security FICA - Medicare Chee 2,000.00 $ 11.600.00 FUTA SUTA Health Insurance Pension Total Payroll Expense
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started