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PLEASE ANSWER CLEARLY AND USE GRAPHS THANKS Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each
PLEASE ANSWER CLEARLY AND USE GRAPHS THANKS
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. In addition to gross pay, the company must pay one-half of the $90 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. Requlred: Compute the following for the week ended August 25 . Note: Round your Intermedlate caleulatlons and flnal answers to 2 decimal placesStep by Step Solution
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