Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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%

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 companys 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 companys four employees.
n addition to gross pay, the company must pay one-half of the $110 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.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Name Dali Trey Kiesha Chee Gross Pay through Aug. 18 $123,600 125,800 9,600 3,550 Current Week Income Tax Gross Pay Withholding $5,800 $ 639 2,600 258 1,200 61 1,600 49 Check my work 1 Tax Amount 02:46:19 1) Employees' FICA Withholdings for Social Security Employee Earnings Tax Rate Subject to Tax Tax Rate Dali Trey Kiesha Chee Total eBook $ 0.00 Check my work 1 2:46:08 2) Employees' FICA Withholdings for Medicare Earnings Employee Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ Cook 0.00 1 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Tax Rate Tax Amount 3 02:46.03 Dali Trey Kiesha eBook Chee Total en 0.00 Check my work Tax Rate Tax Amount 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Tax Rate Dali Trey Kiesha 2:45:57 Book Chee Total 0.00 1 Tax Rate Tax Amount 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Dali Trey Kiesha 02:45:51 eBook Chee Total $ 0.00 Check my work 1 Tax Rate Tax Amount 6) Employer's SUTA Taxes Employee Earnings Subject to Tax Tax Rate Dali Trey Kiesha 02:45:46 eBook Chee $ 0.00 1 Dali Trey Klesha Chee $ 8 02:45:37 7) Each Employee's Net (take-home) Pay Employee Gross Pay $ 5,800.00 $ Income tax withholding 639.00 FICA - Social Security FICA - Medicare 2.600.00 258.00 1,200.00 $ 61.00 1,600.00 $ 49.00 eBook Health Insurance Net Pay $ 1 8) Employer's total payroll-related expense for each employee. Employee Dali Trey Kiesha Chee Gross Pay $ 5,800.00 $ 2.600.00 $ 1.200.00 $ 1.600.00 $ FICA - Social Security 0.00 0.00 0.00 0.00 FICA - Medicare 0.00 0.00 0.00 0.00 FUTA 0.00 0.00 0.00 0.00 SUTA 0.00 0.00 0.00 0.00 02:45:33 Book Health Insurance Pension Check my work 1 02:44:33 nployee's Net (take-home) Pay Dali Trey Kiesha Chee Total $ 5,800.00 $ 2,600.00 $ 1,200.00 $ 1,600.00 $ 11,200.00 withholding 639.00 258.00 61.00 49.00 1,007,00 ial Security 0.00 licare 0.00 irance 0.00 0.00 eBook 1 Check my work 8) Employer's total payroll-related expense for each employee. Employee Dali Trey Kiesha Chee Gross Pay $ 5.800.00 $ 2,600.00 $ 1,200.00 $ 1.600.00 $ 1 FICA - Social Security 0.00 0.00 0.00 0.00 FICA - Medicare 0.00 0.00 0.00 0.00 FUTA 0.00 0.00 0.00 0.00 SUTA 0.00 0.00 0.00 0.00 02:44:25 eBook Health Insurance Pension Total Payroll FXnANSA 5 RITTO 2670S 1 2000 $ 1 nnnn $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accountability Ethics And Sustainability Of Organizations

Authors: Sandro Brunelli, Emiliano Di Carlo

3rd Edition

3030311929, 9783030311926

More Books

Students also viewed these Accounting questions