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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. In addition to gross pay, the company must pay one-half of the $102 per employee weekly health insurance; each employee pays th 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 final answers to 2 decimal places.): 1) Employees' FICA Withholdings for Social Security 2) Employees' FICA Withholdings for Medicare \begin{tabular}{|l|l|l|l|l|l|} \hline Employee & \multicolumn{1}{|c|}{EarningsSubjecttoTax} & Tax Rate & Tax Amount & & \\ \hline Tax Rate & & & & & \\ \hline Dali & & & & & \\ \hline Trey & & & & & \\ \hline Kiesha & & & & & \\ \hline Chee & & & & & \\ \hline & & & & & \\ \hline \end{tabular} 3) Employer's FICA Taxes for Social Security \begin{tabular}{|l|l|l|l|} \hline Employee & \multicolumn{1}{|c|}{EarningsSubjecttoTax} & Tax Rate & Tax Amount \\ \hline Tax Rate & & & \\ \hline Dali & & & \\ \hline Trey & & & \\ \hline Kiesha & & & \\ \hline Chee & & Total & $ \\ \hline & & & 0.00 \\ \hline \end{tabular} 4) Employer's FICA Taxes for Medicare \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & & \\ \hline 5) Employer's FUTA Taxes & \multicolumn{1}{|c|}{EarningsSubjecttoTax} & Tax Rate & Tax Amount & & \\ \hline Employee & & & & & \\ \hline Tax Rate & & & & & \\ \hline Dali & & & & & \\ \hline Trey & & & & & \\ \hline Kiesha & & & & & \\ \hline Chee & & & & & \\ \hline & & & & & \\ \hline \end{tabular} 6) Employer's SUTA Taxes 8) Employer's Total Payroll-Related Expense for Each EmployeeStep by Step Solution
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