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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%
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 companys FUTA taxes are 0.6% and SUTA taxes are 6.20%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the companys four employees
Current Week ncome lax Gross Pay Name through Aug. 18 Gross Pay Withholding Dali Trey Kiesha Chee $116,550 116,200 8,200 2,150 $2,550 2,300 560 510 $362 371 49 38Step by Step Solution
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