Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700...
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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 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.
Name
Gross Pay through August 18
Gross Pay
Income Tax Witholding
Dali
124,200
4,700
554
Trey
134,300
3,400
306
Chee
2,950
1,000
44
Keisha
9,000
1,600
55
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 employees gross pay (at no cost to employees) to a pension fund. Required: Compute the following for the week ended August 25. Note: Round your intermediate calculations and final answers to 2 decimal places.
Employee FICA Whitholding for Social Security
Employee FICA Whitholding for Medicare
Employee FICA Taxes for Social Security
Employee FICA Taxes for Medicare
Employers FUTA Taxes
Employes SUTA Taxes
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