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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 tr company's four employees. In addition to gross pay, the company must pay one-half of the $82 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 fina 3) Employer's FICA Taxes for Social Security 4) Employer's FICA Taxes for Medicare \begin{tabular}{|l|l|l||l|} \hline & \multicolumn{1}{|c|}{ Earnings Employee Subject to Tax } & Tax Rate & Tax Amount \\ \hline Tax Rate & & & \\ \hline Dali & & & \\ \hline Trey & & & \\ \hline Kiesha & & & \\ \hline Chee & & Total & $ \\ \hline & & & \\ \hline \end{tabular} 5) Employer's FUTA Taxes \begin{tabular}{|l|l|l|l|} \hline & \multicolumn{1}{|c|}{ Earnings Subject to Tax } & Tax Rate & \multicolumn{1}{c|}{ Tax Amount } \\ \hline Tax Rate & & & \\ \hline Dali & & & \\ \hline Trey & & & \\ \hline Kiesha & & & \\ \hline Chee & & & \\ \hline & & & \\ \hline \end{tabular} 6) Employer's SUTA Taxes 6) Employer's SUTA Taxes 7) Each Employee's Net (take-home) Pay 8) Employer's Total Payroll-Related Expense for Each Employee
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