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Templin Company pays its employees every week. Employees' gross pay is subject to these taxes: FICA - Social Security FICA - Medicare FUTA SUTA Tax
Templin Company pays its employees every week. Employees' gross pay is subject to these taxes: FICA - Social Security FICA - Medicare FUTA SUTA Tax Rate 6.20% 1.45 0.60 4.00 Applied To First $132,900 All gross pay First $7,000 First $7,000 The company is preparing its payroll calcualtions for the week ended December 6. Payroll records show the following information for the company's four employees: Name Gross Pay Through 11/29/19 Gross Pay Week of 12/6/19 Income Tax Withholding Week of 12/6/19 $ 440 540 Jasper Matilda Homer Gertrude $105,600 129,600 33,600 6,000 $2,200 2,700 700 1,500 140 300 In addition to gross pay, the company must pay $20 per employee weekly health insurance; each employee also withholds $20 per employee per week. The company also contributes 5% of each employee's gross pay (at no cost to employees) to a pension fund. Required Compute the following for the week ended December 6, 2019 (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
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