Question
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 companys 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 companys four employees.
Name | Gross Pay through August 18 | Gross Pay | Income Tax Witholding |
---|---|---|---|
Dali | 124,200 | 4,700 | 554 |
Trey | 134,300 | 3,400 | 306 |
Chee | 2,950 | 1,000 | 44 |
Keisha | 9,000 | 1,600 | 55 |
In addition to gross pay, the company must pay one-half of the $98 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. Note: Round your intermediate calculations and final answers to 2 decimal places.
- Employee FICA Whitholding for Social Security
- Employee FICA Whitholding for Medicare
- Employee FICA Taxes for Social Security
- Employee FICA Taxes for Medicare
- Employers FUTA Taxes
- Employes SUTA Taxes
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