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please show work and read carefully this is all one problem 6) Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the
please show work and read carefully
6) Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128.400 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 calculation for the week ended August 25. Payroll records show the following information for the company's four employees. Cross Pray through Aug. 18 $124,400 126,000 2.750 Tane Dali Trey Kiesha Chee Current Gross Pay withholding $4,800 322 1,400 54 5 525 In addition to gross pay, the company must pay one-half of the 594 per employee weekly health insurance: cach employee pays the remaining one-half. The company also contributes an extra 8% of each employee's gross payat 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. Tax Amount 1) Employees' FICA Withholdings for Social Security Employee Earnings Tax Rate Subject to Tax Tax Rate Dali Trey Kiesha Chee Total Tax Amount 2) Employees' FICA Withholdings for Medicare Employee Earnings Tax Rate Subject to Tax Tax Rate Dali Trey Kiesha Chee Total Tax Amount 3) Employer's FICA Taxes for Social Security Employee Earnings Tax Rate Subject to Tax Tax Rate Dali Trey Kiesha Chee Tax Rate Tax Amount 4) Employer's FICA Taxes for Medicare Earnings Employee Subject to Tax Tax Rate Dal Trey Kesha Chee Total Tax Rate Tax Amount 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Dal Trey Kiesha Chee Tax Rate Tax Amount 6) Employer's SUTA Taxes Employee Earnings Subject to Tax Tax Rate Dall Trey Kesha Chee Total Trey Kiesha 2,400.00 $ 1.400.00 $ 5400 7) Each Employee's Net (take-home) Pay Employee Dali Gross Pay $ 4,800.00 $ Income tax withholding 525.00 FICA - Social Security FICA - Medicare Health Insurance Net Pay Chee Total 1.800.00 $ 10.400.00 43.00 944.00 Chee Total 1.800.00 $ 10,400.00 8) Employer's total payroll-related expense for each employee Employee Dall Trey Kiesha Gross Pay $ 4,800.00 $ 2.400.00 $ 1,400.00 $ FICA - Social Security FICA-Medicare FUTA SUTA Health Insurance Pension Total Payroll Expense this is all one problem
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