Problem PR-A (2020) * Peppy Company pays its employees on the 15th and last day of each month. Employees gross pay is subject to these taxes: Tax FICA - Social Security FICA - Medicare Federal Unemployment State Unemployment Rate 6.20% 1.45% 0.60% 4.00% Applied to First $137,700 ALL Wages First $7,000 First $7,000 The company is preparing its payroll for the period ending October 31, 2020. Payroll records show the following information for the company's three employees. Name Manny Moe Jack Current Pay Period Gross Pay thru 10/15/20 Gross Pay Federal Tax 6,840$ 360 3% 38,000 2,000 10% 133,000 7,000 20% State Tax 2% 3% 5% Required (using an electronic spreadsheet) 1) For the current pay period, compute the following, for each employee: a) Net pay for the current pay period. b) Total cost, to the employer, including wages. 2) In addition to the statutory deductions, each employee must pay one-half of the $200 (per pay period) cost for medical and dental insurance. Insurance is a pre-tax deduction. For the current pay period, compute net pay for each employee. What is the difference between this net pay and the net pay in (1a)? 3) (Independent of Requirement #2.) Peppy Company offers a 401(k) retirement plan to its employees. The company matches all amounts withheld from the employees up to 3% of each employee's gross pay. All employees contribute the maximum amount. Any amounts contributed currently are FICA taxable but are not taxable for federal or state income tax purposes. For the current pay period, compute net pay for each employee. What is the difference between this net pay and the net pay in (1a)? Manny Moe Jack Gross Pay 360 2,000 7,000 291.4 Less Deductions: FICA - Social Security FICA - Medicare Federal Income Tax State Income Tax Total Deductions 22.32 5.22 10.8 7.2 45.54 Net Pay 314.46 Manny Moe Jack 360 2,000 7,000 Gross Pay Fringe Benefits: FICA - Social Security FICA - Medicare Federal Unemployment State Unemployment 291.4 22.32 5.22 0.96 6.4 Total Cost to Employer 394.9 Problem PR-A (2020) 2 Manny Moe Jack Gross Pay 360 2,000 7,000 Less: Health Insurance -100 -100 -100 Taxable Pay 260 1,900 6,900 291.4 Less Deductions: FICA - Social Security FICA-Medicare Federal Income Tax State Income Tax Total Deductions 16.12 3.77 7.8 5.2 32.89 Net Pay 227.111 Please do similar to spreadsheet and show formulas