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What are the correct values? Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and
What are the correct values?
Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 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 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 $76 per employee weekly health insurance; each employee pays the remaining one-half. 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. Note: Round your intermediate calculations and final answers to 2 decimal places. 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 \begin{tabular}{|l|l|l|l|} \hline Employee & EarningsSubjecttoTax & Tax Rate & TaxAmount \\ \hline TaxRate & & 0.60% & \\ \hline \end{tabular} 6) Employer's SUTA Taxes 7) Each Employee's Net (take-home) Pay 8) Employer's Total Payroll-Related Expense for Each Employee. \begin{tabular}{|l|r|r|r|r|r|} \hline Employee & \multicolumn{1}{|c|}{ Dali } & \multicolumn{1}{c|}{ Trey } & \multicolumn{1}{c|}{ Kiesha } & \multicolumn{1}{c|}{ Chee } & \multicolumn{1}{c|}{ Total } \\ \hline Gross Pay & $5,800.00 & $3,000.00 & $2,000.00 & $1,600.00 & $12,400.00 \\ \hline FICA - Social Security & 359.60 & 186.00 & 124.00 & 99.20 & 768.80 \\ \hline FICA - Medicare & 84.10 & 43.50 & 29.00 & 23.20 & 179.80 \\ \hline \end{tabular} 6) Employer's SUTA Taxes 8) Employer's Total Payroll-Related Expense for Each EmployeeStep by Step Solution
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