Paloma Co . has four employees. FICA Social Security taxes are 6 . 2 % of the
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Question:
Paloma Co has four employees. FICA Social Security taxes are of the first $ paid to each employee, and FICA Medicare taxes are of gross pay. Also, for the first $ paid to each employee, the companys FUTA taxes are and SUTA taxes are The company is preparing its payroll calculations for the week ended August Payroll records show the following information for the companys four employees.AB
CDGross Pay Current Week
Name through Aug. Gross Pay Income Tax Withholding
Dali
$
$
$Trey
Kiesha
Chee
In addition to gross pay, the company must pay twothirds of the $ per employee weekly health insur ance; each employee pays the remaining onethird. The company also contributes an extra of each employees gross pay at no cost to employees to a pension fund.
Required
Compute the following for the week ended August round amounts to the nearest cent: Each employees FICA withholdings for Social Security.
Each employees FICA withholdings for Medicare.
Employers FICA taxes for Social Security Employers FICA taxes for Medicare.
Employers FUTA taxes.
Employers SUTA taxes.
Each employees net takehome pay.
Employers total payrollrelated expense for each employee.
Related Book For
College Algebra
ISBN: 978-0134697024
12th edition
Authors: Margaret L. Lial, John Hornsby, David I. Schneider, Callie Daniels
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