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. Name Dali Trey Kiesha Chee Gross Pay through Aug. 18 $125,600 125,000 7,600 1,550 Current Week Income Tax Gross Pay withholding $5,000 $ 355 3,400 64 1.600 43 2,000 34 In addition to gross pay, the company must pay one-half of the $70 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.) Temauny oneriam me company also contes an exue o UI each empoyees gross pay for HUCUSIL employees to a person 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 Dali S 2,800.00 6.20% 6 20% Trey Kiesha 210.80 3,400.00 1,600.00 2,000.00 6.20% 6.20% 99.20 Chee 124.00 6.20% Total $ 434.00 2) Employees' FICA Withholdings for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali $ 1.45% 1.45% 1.45% Trey 5,000.00 3,400,00 1,600.00 2,000.00 Kiesha 49.30 23.20 1.45% Chee 1.45% Total 29.00 101.50 $ 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate 6.20% Dali $ 6.20% 2,800.00 3,400.00 Trey 6.20% 210.80 Kiesha 6.20% 99.20 Chee 1,600.00 2,000.00 6.20% 124.00 Total $ 434.00 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali 1.45% $ 1.45% Trey Kiesha 1.45% 5,000.00 3,400.00 1,600.00 2,000.00 49.30 23.20 1.45% Chee 1.45% 29.00 Total $ 101.50 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate 0.60% Dali 0.00 0.60% AAN 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali 0.60% 0.60% 0.00 Trey 0.60% Kiesha 0.00 0.00 2,000.00 0.60% Chee 0.60% $ 12.00 Total $ 12.00 6) Employer's SUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali $ 0.00 5.40% 5.40% 5.40% Trey 0.00 Kiesha Chee 5.40% 0.00 2,000.00 108.00 5.40% $ Total $ 108.00 Trey Kiesha Chee Total 7) Each Employee's Net (take-home) Pay Employee Dali Gross Pay $ 5,000.00 $ Income tax withholding 355.00 FICA - Social Security 3,400.00 $ 1,600.00 2,000.00 $ 12,000.00 64.00 43.00 34.00 496.00 210.80 99.20 124.00 434.00 Prev 1 of 1 Next 7) Each Employee's Net (take-home) Pay Employee Dali Trey Kiesha Chee Total $ 5,000.00 $ 355.00 1,600.00 $ 3,400.00 $ 64.00 2,000.00 $ 12,000.00 34.00 496.00 43.00 Gross Pay Income tax withholding FICA - Social Security FICA - Medicare Health Insurance Net Pay 210.80 99.20 124.00 434.00 49.30 23.20 29.00 101.50 0.00 $ 0.00 8) Employer's total payroll-related expense for each employee. Employee Dali Trey Kiesha Gross Pay $ 5,000.00 $ 3,400.00 $ 1,600.00 $ FICA - Social Security 0.00 210.80 99.20 FICA - Medicare 0.00 49.30 23.20 Chee Total 2,000.00 $ 12,000.00 124.00 434.00 29.00 101.50 FUTA 0.00 0.00 0.00 12.00 12.00 0.00 0.00 0.00 SUTA Health Insurance Pension Total Payroll Expense 108.00 108.00 0.00 0.00 2,273.00 $ 12,655.50 $ 5,000.00 $ 3,660.10 $ 1,722.40 $
