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Problem 9-3A (Algo) Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Company has four employees. FCA Social Security taxes are 62% of the first
Problem 9-3A (Algo) Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Company has four employees. FCA Social Security taxes are 62% of the first $137700 paid to each employee, anid 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 einployee weekly health insurance; each employee pays the remaining one-half. The company also contibutes 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 intermediote calculations and final answers to 2 decimol ploces.). 1) Employees" FICA Withholdings for Social Security \begin{tabular}{|l|l|l|l|} \hline Employee & \multicolumn{1}{|c|}{\begin{tabular}{c|} Eamings \\ Subject to Tax \end{tabular}} & Tax Rate & Tax Amount \\ \hline Tax Rate & & & \\ \hline Dali & & & \\ \hline Trey & & & \\ \hline Kiesha & & & \\ \hline Chee & & & \\ \hline & & Total & \\ \hline \end{tabular} 2) Employees' 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 8) Employer's Total Payroll-Related Expense for Each Employee
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