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Please help with the above question!!! Thank you in advance. Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700
Please help with the above question!!! Thank you in advance.
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 two-thirds of the $60 per employee weekly health insurance; each employee pays the remaining one-third. The company also contributes an extra 8% of each employee's gross pay (at no cost to empension fund. Required: Compute the following for the week ended August 25. (Round your intermediate calculations and final answers to 2 decimal places.) 2) Employees' FICA Withholdings for Medicare 3) Employer's FICA Taxes for Social Security 5) Employer's FUTA Taxes 6) Employer's SUTA Taxes 8) Employer's Total Payroll-Related Expense for Each EmployeeStep by Step Solution
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