Exercise $11-20$A $($Algo$)$ Computing gross and net pay LO P$5$

Lenny Florita, an unmarried employee, works $54$ hours in the week ended January $12.$ His pay rate is $$12$ per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal income taxes. He claims two withholding allowances. Compute his regular pay, overtime pay $($Lenny earns $$18$ per hour for each hour over $40$ per week$),$ and gross pay. Then compute his FICA tax deduction for the Social Security portion and $1\mathrm{.}45\%$ for the Medicare portion$),$ income tax deduction $($use the wage bracket withholding table from Exhibit $11$A$\mathrm{.}6),$ total deductions, and net pay.

Note: Round your intermediate calculations and final answers to $2$ decimal places.

$\backslash$table$[[,$Hours,Hourly Rate,,$],[$Regular pay,,,,$],[$Overtime premium pay,,,,$],[$Gross pay,,,,$],[$FICA$-$Social Security tax deduction,,,,$],[$FICA$-$Medicare tax deduction,,,,$],[$Income tax deduction,,,,$],[$Total deductions,,,,$],[$Net pay,,,,$]]$

Paloma Company has four employees. FICA Social Security taxes are $6\mathrm{.}2\%$ of the first $$137,700$ paid to each employee, and FICA Medicare taxes are $1\mathrm{.}45\%$ of gross pay. Also, for the first $$7,000$ paid to each employee, the company's FUTA taxes are $0\mathrm{.}6\%$ and SUTA taxes are $5\mathrm{.}4\%.$ 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.

$\backslash$table$[[,,$Current Week$],[,$Gross Pay through,,Income Tax$],[$Name$,$August $18,$Gross Pay,Withholding$],[$Dali$,$$$125,900,$$$3,000,$$$312$