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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. Name Dali Kiesha Chee Gross Pay through August 18 $ 123,880 134,908 9,488 Current Mook Gross Pay $5,188 Income Tax withholding 47 In addition to gross pay, the company must pay one-half of the $106 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. Note: Round your Intermediate calculations and final answers to 2 decimal places. 1) Employees' FICA Withholdings for Social Security Employee Tax Rate Dali Tray Kesha Chee Earnings Subject to Tex Tax Rate Tax Amount 2) Employees' FICA Withholdings for Medicare Employee Tax Rate Dali Tray Kiesha Chee Total Earnings Bubject to Tax Tax Rate Tax Amount 3) Employer's FICA Taxes for Social Security Employee Tax Rate Dali Chee Total Earnings Subject to Tax Tax Rate Tax Amount 4) Employer's FICA Taxes for Medicare Employee Tax Rate Dali Tray Kesha Chee 6) Employer's FUTA Taxes Employee Tax Rate Dali Tray Kesha Chee 6) Employer's SUTA Taxes Employee Tax Rate Dali Kesha Total Earnings Subject to Tax Tax Rate Tax Amount Total Earnings Subject to Tax Tax Rate Tax Amount Total Earnings Subject to Tax Tax Rate Tax Amount Total 7) Each Employee's Net (take-home) Pay Employee Trey Chee Total Gross Pay $ 5,100.00 $ Income tax withholding 611.00 2,800.00 $ 1,000.00 $ 274.00 1,200.00 $ 10,100.00 58.00 47.00 991.00 FICA-Social Security FICA-Medicare Health Insurance Not Pay 8) Employer's Total Payroll-Related Expence for Each Employee. Employee Dall Trey $ 5,100.00 $ 2,800.00 $ Gross Pay FICA-Sodal Security FICA-Medicare FUTA SUTA Health Insurance Pension Total Payroll Expense Klecha Chee 1,000.00 $ Total 1,200.00 $ 10,100.00
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