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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 2.15%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the companys four employees.

Name

Gross Pay

thru Aug. 18

Gross Pay

Income Tax

Withholding

Dali

$115,700

$2,000

$483

Trey

116,350

900

346

Keisha

8,500

450

51

Chee

2,450

400

41

In addition to gross pay, the company must pay two-thirds of the $88 per employee weekly health insurance; each employee pays the remaining one-third. 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 transcribedimage text in transcribed

1) Employees' FICA Withholdings for Social Security Earnings Subject to Tax mployee Tax Rate Tax Amount Dali Trey Kiesha Chee 6.20% 210.80 Total 210.80 2) Employees' FICA Withholdings for Medicare Earnings Subject to Tax oyee Tax Rate Tax Amount 1.45% Dali Trey Kieshs Chee 49.30 TotalS 49.30 3) Employer's FICA Taxes for Social Security Earnings Subject to Tax oyee Tax Rate Tax Amount Dali Trey Kieshs Chee 6.20961 s 210.80 TotalS 210.80 4) Employer's FICA Taxes for Medicare Earnings Subject to Tax mployee Tax Rate Tax Amount 1.45%r Dali Trey Kieshs Chee s 49.30 TotalS 49.30

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