Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 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 2.15%. 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. Name Dali Trey Kiesha Chee Gross Pay through Aug. 18 $117,400 117,600 6,900 1,250 Current Week Income Tax Gross Pay withholding $2,000 $ 284 900 145 39 400 30 450 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 your intermediate calculations and final answers to 2 decimal places.): 1) Employees' FICA Withholdings for Social Security Employee Earnings Tax Rate Subject to Tax Tax Amount 6.20% Dali Trey Klesha Chee Total $ 0.00 21 Emnlnves' FICA Withholdings for Medicare 1) Employees' FICA Withholdings for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Dali 6.20% Trey Kiesha Chee Total $ 0.00 2) Employees' FICA Withholdings for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Dali 1.45% Trey Kiesha Chee Total $ 0.00 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Dali 6.20% 62.00 3) Employer's FICA Taxes for Social Security Employee Earnings Subject to Tax Tax Rate Tax Amount Dali 6.20% $ 62.00 Trey Kiesha Chee Total $ 62.00 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Tax Rate Tax Amount Dali 1.45% $ 44.95 Trey Kiesha Chee Total $ 44.95 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Dali Trey Kiesha Chee Total $ 0.00 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Dali Trey Kiesha Chee Total $ 0.00 6) Employer's SUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Dali Trey Kiesha Chee Total $ 0.00 7) Each Employee's Net (take-home) Pay Employee Dali Trey Kiesha Chee Total $ $ 900.00 $ 450.00 $ 400.00 2,000.00 284.00 3,750.00 145.00 39.00 30.00 498.00 Gross Pay Income tax withholding FICA - Social Security FICA - Medicare Health Insurance 0.00 44.95 44.95 0.00 Net Pay $ 0.00 8) Total Payroll Related Expense for Each Employee Trey Kiesha Chee Total $ 0.00 7) Each Employee's Net (take-home) Pay Employee Dali Chee Total $ 400.00 Trey Kiesha 900.00 $ 450.00 $ 145.00 39.00 $ 2,000.00 $ 284.00 3,750.00 30.00 498.00 0.00 Gross Pay Income tax withholding FICA - Social Security FICA - Medicare Health Insurance Net Pay 44.95 44.95 0.00 $ 0.00 Chee Total 8) Total Payroll Related Expense for Each Employee Employee Dali Trey Kiesha Gross Pay $ 2,000.00 $ 900.00 $ 450.00 $ FICA - Social Security 62.00 0.00 0.00 FICA - Medicare 44.95 0.00 0.00 FUTA 0.00 0.00 0.00 SUTA 0.00 0.00 0.00 Health Insurance Pension Total Payroll Expense $ 2,106.95 $ 900.00 $ 450.00 $ 400.00 $ 0.00 0.00 0.00 3,750.00 62.00 44.95 0.00 0.00 0.00 0.00 0.00 3,856.95 400.00 $