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 questionLooking 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

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 Name Da Trey Kiesha Chee Gross Pay through Aug. 18 $127,300 127,500 6.900 1,250 Grons Pay $2,000 900 450 400 Income Tax withholding $284 145 39 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 Tax Employee Subject to Tax Rate Amount Tax Tax Rate Dali Trey Kiesha Chee Total 2) Employees' FICA Withholdings for Medicare Earnings Employee Tax Subject to Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total Tax 3) Employer's FICA Taxes for Social Security Earnings Tax Employee Subject to Tax Rate Amount Tax Rate Dali Trey Kiesha Chee Total Tax Amount 4) Employer's FICA Taxes for Medicare Earnings Employee Subject to Tax Rate Tax Tax Rate Dali Trey Kiesha Chee Total 5) Employer's FUTA Taxes Earnings Employee Subject to Tax Rate Tax Tax Rate Tax Amount 5) Employer's FUTA Taxes Earnings Tax Employee Subject to Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 6) Employer's SUTA Taxes Earnings Tax Employee Subject to Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 Total $ 3,750.00 498.00 7) Each Employee's Net (take-home) Pay Employee Dali Trey Klesha Chee S Gross Pay 2,000.00 S 900.00 $ 450.00 $ 400.00 Income tax 284.00 145.00 39.00 30.00 withholding FICA - Social Security FICA - Medicare Health Insurance Net Pay 0.00 0.00 0.00 0.00 $ Total $ 3,750.00 0.00 8) Employer's total payroll-related expense for each employee. Employee Dall Trey Klesha Chee S Gross Pay 2.000.00 $ 900.00 $ 450.00 $ 400.00 FICA - Social 0.00 0.00 0.00 0.00 Security FICA - Medicare 0.00 0.00 0.00 0.00 FUTA 0.00 0.00 0.00 0.00 SUTA 0.00 0.00 0.00 0.00 Health Insurance Pension Total Payroll S Expense 2,000.00 $ 900.00 $ 450.00 $ 400.00 0.00 0.00 0.00 0.00 0.00 $ 3,750.00

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