The following information applies to the questions displayed below. The following summary data for the payroll period ended December 27, 2015, are available for Cayman Coating Co.: s 172,000 Gross pay FICA tax withholdings Income tax withholdings Group hospitalization Insurance Employee contrlbutions to penslon plan 20,640 2.540 I deductions 41,650 Net pay Additional information For em ployees, FICA tax rates for 2015 were 765% on the first $118,500 of each employee's annual earnings. However no employees had accumulated earnings for the year in excess of the S118 500 limit. * For employers, FICA tax rates for 2015 were also 765% on the first $118,500 of each employee's annual earnings. The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $18,000 of the gross pay amount for the December 27, 2015, pay period was owed to employees who were still under the annual limit