Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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%

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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. Current Week Gross Pay Income Tax Withholding through Aug. 18 Name Dali Gross Pay $5,000 $124,800 $ 469 126,000 2,400 354 Trey Kiesha Chee 8,400 2,000 50 2,350 1,400 40 Required: Compute the following for the week ended August 25. (Round your intermediate calculations and final answer places.): 1) Employees' FICA Withholdings for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee 2) Employees' FICA Withholdings for Medicare Employee Earnings Subject to Tax Tax Rate Dali Trey Kiesha Chee 3) Emplover's FICA Taxes for Social Security 6.20% Total Tax Rate $ 0.00 Tax Amount Total $ 0.00 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Dali Trey Kiesha Chee 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Tax Rate Dali Trey Kiesha Chee Tax Rate Tax Amount Total $ Tax Rate 0.00 Tax Amount 0.00 Total $ 5) Employer's FUTA Taxes Employee Tax Rate Dali Trey Kiesha Chee 6) Employer's SUTA Taxes Employee Earnings Subject to Tax Tax Rate Dali Trey Kiesha Chee 7) Each Employee's Net (take-home) Pay Earnings Subject to Tax Tax Rate Tax Amount Total $ Tax Rate 0.00 Tax Amount Total $ 0.00 7) Each Employee's Net (take-home) Pay Employee Dali Trey Kiesha Gross Pay $ 5,000.00 $ 2,400.00 $ 2,000.00 $ Income tax withholding 469.00 354.00 50.00 FICA - Social Security FICA - Medicare Health Insurance Net Pay 8) Employer's total payroll-related expense for each employee. Employee Dali Trey Kiesha Gross Pay $ 5,000.00 $ 2,400.00 $ 2,000.00 FICA - Social Security 0.00 0.00 0.00 FICA - Medicare 0.00 0.00 0.00 FUTA 0.00 0.00 0.00 SUTA 0.00 0.00 0.00 Health Insurance Pension Total Payroll Expense $ 5,000.00 $ 2,400.00 $ 2,000.00 $ $ Chee 1,400.00 40.00 Chee $ $ Total 10,800.00 913.00 0.00 0.00 0.00 0.00 Total $ 10,800.00 0.00 0.00 0.00 0.00 0.00 0.00 10,800.00 1,400.00 0.00 0.00 0.00 0.00 1,400.00 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Hotel Operations Simulation And Auditing Manual

Authors: Gail E. Sammons, Cihan Cobanoglu

1st Edition

0131704613, 978-0131704619

More Books

Students also viewed these Accounting questions

Question

A 300N F 30% d 2 m Answered: 1 week ago

Answered: 1 week ago