Problem 11-3A Payroll expenses, withholdings, and taxes P2 P3 Paloma Co. 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. Income To Wild 1280 3 4 5 6 Nam Dal Troy Kisha Che Grow Pay through Ay $16.600 136.800 6.900 1250 Growy $2.000 900 250 100 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 employees) to a pension fund. Required Compute the following for the week ended August 25 (round amounts to the nearest cent): Each employee's FICA withholdings for Social Security. > Fach FICA employee's withholdings To Required Compute the following for the week ended August 25 (round amounts to the nearest cent): 1. Each employee's FICA withholdings for Social Security 2. Each employee's FICA withholdings for Medicare. 3. Employer's FICA taxes for Social Security. 4. Employer's FICA taxes for Medicare. 5. Employer's FUTA taxes. 6. Employer's SUTA taxes. 7. Each employee's net (take-home) pay. 8. Employer's total payroll-related expense for each employee. Check (3) $176.70 (4) $54.38 (5) $3.00 (7) Total net pay, $2,940.92