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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 145%
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 145% 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 through Name Aug. 18 Dali $125,500 Trey 125,800 Kiesha 7.700 Chee 1,650 Gross Pay $3,400 2,600 Income Tax Withholding $ 369 411 1,000 In addition to gross pay, the company must pay one-half of the $72 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. TAX 1) Employees' FICA Withholdings for Social Security Earnings Employee Subject to Tax Rate Amount Tax Tax Rate Dali 3,600.00 Troy Kiesha Chee Total $ 0.00 2) Employees' FICA Withholdings for Medicare Earnings Tax Employee Subject to Tax Rate Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 3) Employer's FICA Taxes for Social Security Earnings Tax Employee Subject to Tax Rate Amount Tax Rate Dali Trey Kisha Chee Total $ 0.00 4) Employer's FICA Taxes for Medicare Earnings Employee Subject to Tax Rate Tax Amount Tax Tax Rate Dali Trey Kesha Chee Totall $ 0.00 5) Employer's FUTA Taxes Earnings Employee Subject to Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 Tax Amount 6) Employer's SUTA Taxes Earnings Employee Subject to Tax Rate Tax Tax Rate Dali Trey Kiesha Chee Total $ 0.00 7) Each Employee's Net (take-home) Pay Employee Dali Trey Gross Pay 3.400.00 2.600.00 Income tax 369.00 411.00 withholding FICA - Social Security FICA - Medicare Health Insurance Net Pay Kiesha 1,800.00 44.00 Chee 1,000.00 35.00 Total 8,800.00 859.00 0.00 0.00 0.00 $ 0.00 Total 8) Employer's total payroll-related expense for each employee. Employee Dali Trey Kiesha Chee Gross Pay 3.400.00 2,600.00 1,800.00 1,000.00 FICA - Social 0.00 0.00 0.00 0.00 Security FICA - Medicare 0.00 0.00 0.00 0.00 FUTA 0.00 0.00 0.00 0.00 SUTA 0.00 0.00 0.00 0.00 Health Insurance Pension 8,800.00 0.00 0.00 0.00 0.00 0.00 0.00
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