Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $110,100 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 $110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, its FUTA taxes are 0.8% and SUTA taxes are 2.15% of the first $7,000 paid to each employee. 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 Gross Pay Income Tax Withholding $279 140 54 45 Gross Pay Namethrough 8/18 Dahlia Trey Kiesha Chee $107,500 36,400 7,850 1,800 $3,500 850 600 550 In addition to gross pay, the company must pay one-half of the $60 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 answers to 2 decimal places.) 1) Employees' FICA withholdings for Social Security Employoe Dahlia Trey Kiesha Chee Earnings subject to tax Tax Rate Tax Amount Total 0.00
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started