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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 1.45%
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 es Name Dali Trey Kiesha Chee Gross Pay through August 18 $ 124,800 135,300 8,400 2,350 Gross Pay $ 5,000 $ 469 2,400 354 2,000 1,400 50 40 In addition to gross pay, the company must pay one-half of the $86 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 Earnings Subject to Tax Tax Rate Tax Amount Triall 3) Employer's FICA Taxes for Social Security Employee Tax Rate Dali Trey Kiesha Chee Earnings Subject to Tax Tax Rate Tax Amount 4) Employer's FICA Taxes for Medicare Employee Tax Rate Dali Trey Kiesha Chee Total Earnings Subject to Tax Tax Rate Tax Amount 5) Employer's FUTA Taxes Employee + Total Earnings Tax Rate Tax Amount 7 5) Employer's FUTA Taxes Employee 42 bints Tax Rate Dali Trey eBook Kiesha Print Chee References Mc Earnings Subject to Tax Tax Rate Tax Amount 6) Employer's SUTA Taxes Employee Tax Rate Dali Trey Kiesha Chee Total Earnings Subject to Tax Tax Rate Tax Amount 7) Each Employee's Net (take-home) Pay Total Employee Dali Trey Kiesha Chee Total Gross Pay $ 5,000.00 $ 2,400.00 $ 2,000.00 $ 1,400.00 $ 10,800.00
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