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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 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 $7000 paid to each employee, the company's FUTA taxes are 06% 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 Gross Pay through Aug. 18 3124,60 Cross Pay Withholding Chee In addition to gross pay, the company must pay one-half of the $90 per employee weekdy health insurance, each employee pays the remaining one half. The company also contributes an extra 8% of each employee's gross payat 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 Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dall Trey Kesha Chee Total 2) Employees' FICA W holdings for Medicare Employee Subcing Tax Rate Tax Amount Tax Rate Da They Chee Employers RCA axes for Social Security Employee Earnings Subject to Tak Tax Rate Tax Rate Tax Amount 4) Employer's RCA Taxes for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Trey Chee Total 5) Employer's PUTA Taxes Employee Tax Rate Subject to Tak Tax Amount Tax Rate Trey Kesha Total Sy Employer's SUTA Taxes Employee subject to tax Tax Rate Tax Amount Total akehome) Pay Dali 4500.00 497.00 S Trey 2.600.00 238.00 $ Kiesha 1,000.00 52.00 Total 9 .100.00 Chee 1,000.00 41.00 Each Employee's N Employee Gross Pay Income tax with sing FICA. Social Security FICA. Medicare Health Insurance Not Pay B) Employer's total payroll-related expense for each employee Employee Dali Trey Kiesha Gross Pay $ 4,500.00 $ 2,600.00 $ 1,000.00 Chee Total $ 1,000.00 $ 9,100.00 FICA. Social Security FICA Medicare FUTA SUTA Total Pal Expense
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