Problem $9-3$A $($Algo$)$ Payroll expenses, withholdings, and taxes LO P$2,$ P$3$

Paloma Company has four employees. FICA Social Security taxes are $6\mathrm{.}2\%$ of the first $$137,700$ paid to each employee, and FICA

Medicare taxes are $1\mathrm{.}45\%$ of gross pay. Also, for the first $$7,000$ paid to each employee, the company's FUTA taxes are $0\mathrm{.}6\%$ and SUTA

taxes are $5\mathrm{.}4\%.$ 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 $$108$ per employee weekly health insurance; each employee pays the

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 $25.$

Note: Round your intermediate calculations and final answers to $2$ decimal places.

Now, Calculate employees FICA withholdings for social security: earnings subject to tax, the tax rate for each employee, and the tax amount. Then do the same for

FICA withholdings for medicare, s

ocial security,

Taxes for medicare,

employers futa taxes,

employers suta taxes,

each employees net takehome pay,

employers total payroll related expeneses for each employee