Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 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 2.15%. 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 IncomeTax through Aug. 18 Gross Pay Withholding Name Dali Trey Kiesha Chee $116,100 116,750 9,300 3,250 $ 4,200 1,750 670 620 596 282 58 47 In addition to gross pay, the company must pay one-half of the $104 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 Earnings Subject to Tax Rate Tax Amount Employee Tax 6.20% Dali Trey Kiesha Chee Total 0.00 2) Employees' FICA Withholdings for Medicare Earnings Subject to Tax Tax Amount Tax Rate Employee Dali Trey Kiesha Chee Total 0.00 3) Employer's FICA Taxes for Social Security Earnings Subject to Tax Rate Tax Amount Employee Tax Dali Trey Kiesha Chee Total 0.00 4) Employer's FICA Taxes for Medicare Earnings Subject to Tax Rate Tax Amount Employee Tax Dali Trey Kiesha Chee Total 0.00 5) Employer's FUTA Taxes Earnings Subject to Tax Rate Tax Amount Employee Tax Dali Trey Kiesha Chee Total 0.00 6) Employer's SUTA Taxes Earnings Subject to Tax Rate Tax Amount Employee Tax Dali Trey Klesha Chee Total 0.00 7) Each Employee's Net (take-home) Pay Employee Dali Trey Kiesha Chee Total $4,200.00$1,750.00 $ 670.00 620.00 $7,240.00 Gross Pay Income tax withholdin FICA Social Securit FICA Medicare Health Insurance Net Pay 596.00 282.00 58.00 47.00 983.00 0.00 0.00 0.00 $ 0.00 8) Total Payroll Related Expense for Each Employee Employee Gross Pay FICA Social Securit FICA Medicare FUTA SUTA Health Insurance Pension Total Payroll Expense Dali Trey Kiesha Chee Total $4,200.00$1,750.00 $ 670.00 620.00 $7,240.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $4,200.00$1,750.00 $ 670.00 620.00 $7,240.00 Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 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 2.15%. 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 IncomeTax through Aug. 18 Gross Pay Withholding Name Dali Trey Kiesha Chee $116,100 116,750 9,300 3,250 $ 4,200 1,750 670 620 596 282 58 47 In addition to gross pay, the company must pay one-half of the $104 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 Earnings Subject to Tax Rate Tax Amount Employee Tax 6.20% Dali Trey Kiesha Chee Total 0.00 2) Employees' FICA Withholdings for Medicare Earnings Subject to Tax Tax Amount Tax Rate Employee Dali Trey Kiesha Chee Total 0.00 3) Employer's FICA Taxes for Social Security Earnings Subject to Tax Rate Tax Amount Employee Tax Dali Trey Kiesha Chee Total 0.00 4) Employer's FICA Taxes for Medicare Earnings Subject to Tax Rate Tax Amount Employee Tax Dali Trey Kiesha Chee Total 0.00 5) Employer's FUTA Taxes Earnings Subject to Tax Rate Tax Amount Employee Tax Dali Trey Kiesha Chee Total 0.00 6) Employer's SUTA Taxes Earnings Subject to Tax Rate Tax Amount Employee Tax Dali Trey Klesha Chee Total 0.00 7) Each Employee's Net (take-home) Pay Employee Dali Trey Kiesha Chee Total $4,200.00$1,750.00 $ 670.00 620.00 $7,240.00 Gross Pay Income tax withholdin FICA Social Securit FICA Medicare Health Insurance Net Pay 596.00 282.00 58.00 47.00 983.00 0.00 0.00 0.00 $ 0.00 8) Total Payroll Related Expense for Each Employee Employee Gross Pay FICA Social Securit FICA Medicare FUTA SUTA Health Insurance Pension Total Payroll Expense Dali Trey Kiesha Chee Total $4,200.00$1,750.00 $ 670.00 620.00 $7,240.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $4,200.00$1,750.00 $ 670.00 620.00 $7,240.00
