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 | $ | 115,600 | $ | 2,600 | $ | 369 | ||||||
Trey | 116,250 | 750 | 121 | |||||||||
Kiesha | 8,300 | 570 | 49 | |||||||||
Chee | 2,250 | 520 | 39 | |||||||||
In addition to gross pay, the company must pay one-half of the $84 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. (Round your intermediate calculations and final answers to 2 decimal places.): |
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