Question
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 companys FUTA taxes 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 companys four employees.
Current Week | ||||||||||||
Name | Gross Pay through Aug. 18 | Gross Pay | Income Tax Withholding | |||||||||
Dahlia | $ | 116,200 | $ | 3,200 | $ | 454 | ||||||
Trey | 116,850 | 150 | 24 | |||||||||
Kiesha | 9,500 | 690 | 60 | |||||||||
Chee | 3,450 | 640 | 48 |
In addition to gross pay, the company must pay one-half of the $108 per employee weekly health insurance; each employee pays the remaining one-half. 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. |
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