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Please Help!! 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
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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% 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 Trey Kiesha Chee Gross Pay through August 18 $ 124,700 135,700 8,500 2.450 Current Week Income Tax Gross Day Withholding $ 4,200 $ 483 2,000 346 1,400 51 1,800 41 In addition to gross pay, the company must pay one-half of the $88 per employee weekly health Insurance, each employee pays the remaining one-halt. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees to a pension 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 Earnings Subject to Tax Tax Rate Tax Amount 6.20% Tax Rate Dali Trey Klesha Chee Total $ 0.00 2) Employees' FICA Withholdings for Medicare Employee Earnings Tax Rate Subject to Tax Tax Amount 1.45% Tax Rate Dall Trey Kiesha Chee Total $ 0.00 Step by Step Solution
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