Question: Problem 1 1 - 3 A ( Algo ) Payroll expenses, withholdings, and taxes LO P 2 , P 3 Paloma Company has four employees.

Problem 11-3A (Algo) Payroll expenses, withholdings, and taxes LO P2, P3
Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 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.
\table[[,,Current week],[,Gross Pay through,,Incone Tax],[Name,August 18,Gross Pay,Withholding],[Dali,$124,308,$4,600,$540
 Problem 11-3A (Algo) Payroll expenses, withholdings, and taxes LO P2, P3

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