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Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are
Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 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 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 Income Tax Withholding Name Dali Trey Kiesha Chee Gross Pay through August 18 $ 125,300 134,700 7,900 1,850 Gross Pay $ 5,800 $ 398 3,000 395 46 36 2,000 1,600 In addition to gross pay, the company must pay one-half of the $76 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.): 1) Employees' FICA Withholdings for Social Security Employee Tax Rate Dali Trey Kiesha Chee Eamings Subject to Tax Tax Rate Tax Amount 2) Employees' FICA Withholdings for Medicare Employee Tax Rate Dali Trey Kiesha Chee Total $ 0.00 Earnings Subject to Tax Tax Rate Tax Amount Total S 0.00
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