Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000...

 

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Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 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 .6% and SUTA taxes are 6.20%. 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 Dahlia Trey Kiesha Chee Gross Pay through Aug. 18 $115,950 116,600 In addition to gross pay, the company must pay one-half of the $98 per employee weekly health insurance; each employee pays the remaining one- half. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Employee Dahlia Trey Kiesha Chee 9,000 2,950 Required: Compute the following for the week ended August 25. (Round your intermediate calculations and final answers to 2 decimal places.): Income Tax Gross Pay Withholding $2,950 $419 400 640 590 1) Employees' FICA Withholdings for Social Security Tax Earnings Subject to Tax Rate Tax Amount Employee Dahlia Trey Kiesha Chee 64 55 44 Employee Dahlia Trey Kiesha Chee Dahlia Trey Kiesha Chee 2) Employees' FICA Withholdings for Medicare Earnings Subject to Tax Rate Tax Total $ 0.00 3) Employer's FICA Taxes for Social Security Earnings Subject to Tax Rate Tax Tax Amount Total $ 0.00 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Rate Tax Tax Amount Total $ 0.00 Tax Amount 1.45% 1.45% 1.45% 1.45% Total $ 0.00 Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 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 .6% and SUTA taxes are 6.20%. 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 Dahlia Trey Kiesha Chee Gross Pay through Aug. 18 $115,950 116,600 In addition to gross pay, the company must pay one-half of the $98 per employee weekly health insurance; each employee pays the remaining one- half. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Employee Dahlia Trey Kiesha Chee 9,000 2,950 Required: Compute the following for the week ended August 25. (Round your intermediate calculations and final answers to 2 decimal places.): Income Tax Gross Pay Withholding $2,950 $419 400 640 590 1) Employees' FICA Withholdings for Social Security Tax Earnings Subject to Tax Rate Tax Amount Employee Dahlia Trey Kiesha Chee 64 55 44 Employee Dahlia Trey Kiesha Chee Dahlia Trey Kiesha Chee 2) Employees' FICA Withholdings for Medicare Earnings Subject to Tax Rate Tax Total $ 0.00 3) Employer's FICA Taxes for Social Security Earnings Subject to Tax Rate Tax Tax Amount Total $ 0.00 4) Employer's FICA Taxes for Medicare Employee Earnings Subject to Tax Rate Tax Tax Amount Total $ 0.00 Tax Amount 1.45% 1.45% 1.45% 1.45% Total $ 0.00

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