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Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are
Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 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 FUTAtaxes are .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 company's four employees. Current Week Gross Pay Income Tax Name through Aug. 18 Gross Pay Withholding $2,550 $362 $115,550 Dahlia 116,200 Trey 800 129 560 8,200 Kiesha 49 Chee 2,150 510 38 In addition to gross pay, the company must pay one-half of the $82 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.)
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