Question: Looking for a solution to this question Paloma Co. has four employees. FICA Social Security taxes are 6.2%% of the first $128,400 paid to each

Looking for a solution to this question

Looking for a solution to this question Paloma Co. has four employees.

Paloma Co. has four employees. FICA Social Security taxes are 6.2%% of the first $128,400 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. Current Week Gross Pay through Aug. Income Tax Name 18 Gross Pay Withholding Dali $127, 300 $2, 000 $284 Trey 127,500 900 145 Kiesha 5,900 450 39 Chee 1, 250 400 30 In addition to gross pay, the company must pay two-thirds of the $60 per employee weekly health insurance; each employee pays the remaining one-third. 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. (Round your intermediate calculations and final answers to 2 decimal places.): 1) Employees' FICA Withholdings for Social Security Earnings Employee Subject to Tax Rate Tax Tax Amount Tax Rate Dali Trey Kiesha Chee Tota 2) Employees' FICA Withholdings for Medicare Earnings Employee Subject to Tax Rate Tax Tax Amount Tax Rate Dali Trey Kiesha Chee Tota 3) Employer's FICA Taxes for Social Security Earnings Employee Subject to Tax Rate Tax Tax Amount Tax Rate Dali Trey Kiesha Chee Total 4) Employer's FICA Taxes for Medicare Earnings Employee Subject to Tax Rate Tax Tax Amount Tax Rate Dali Trey Kiesha Chee Total 5) Employer's FUTA Taxes Earnings Employee Subject to Tax Rate Tax Tax Amount Tax Rate

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!