Old MathJax webview

Old MathJax webview

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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 companys 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 companys four employees. it's all info

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 companys 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 companys four employees.

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In addition to gross pay, the company must pay one-half of the $104 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employees 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.):

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to ead taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA ta 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll record for the company's four employees. Name Dali Trey Kiesha Gross Pay through Aug. 18 $123,900 125,600 9,300 3,250 Current Week Income Tax Gross Pay Withholding $5,000 596 2,800 282 2,000 58 2,000 47 Chee In addition to gross pay, the company must pay one-half of the $104 per employee weekly health ins remaining one-half. The company also contributes an extra 8% of each employee's gross pay (at no fund. Required: Compute the following for the week ended August 25. (Round your intermediate calculations and f places.): 1) Employees' FICA Withholdings for Social Security Employee Earnings Tax Rate Subject to Tax Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 2) Employees' FICA Withholdings for Medicare Employee Earnings Tax Rate Subject to Tax Tax Rate Tax Amount Dali Trey Kiesha Chee Total $ 0.00 3) Employer's FICA Taxes for Social Security Employee Earnings Tax Rate Subject to Tax Tax Rate Tax Amount Dali Trey Kiesha Chee Total $ 0.00 Tax Rate Tax Amount 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Tax Rate Dali Trey Kiesha Chee Total $ 0.00 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total $ 0.00 Tax Rate Tax Amount 6) Employer's SUTA Taxes Employee Earnings Subject to Tax Tax Rate Dali Trey Kiesha Chee Total $ 0.00 Trey Kiesha Chee Total $ 2,800.00 $ 2,000.00 $ 2,000.00 S 11,800.00 282.00 58.00 47.00 983.00 7) Each Employee's Net (take-home) Pay Employee Dali Gross Pay $ 5,000.00 Income tax withholding 596.00 FICA - Social Security FICA - Medicare Health Insurance Net Pay 0.00 0.00 0.00 S 0.00 Chee Total 2,000.00 $ 11,800.00 0.00 0.00 0.00 0.00 8) Employer's total payroll-related expense for each employee. Employee Dali Trey Kiesha Gross Pay $ 5,000.00 $ 2,800.00 $ 2,000.00 $ FICA - Social Security 0.00 0.00 0.00 FICA - Medicare 0.00 0.00 0.00 FUTA 0.00 0.00 0.00 SUTA 0.00 0.00 0.00 Health Insurance Pension Total Payroll Expense S 5,000.00 $ 2,800.00 $ 2,000.00 $ 0.00 0.00 0.00 0.00 0.00 0.00 2,000.00 $ 11,800.00