Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400...
50.1K
Verified Solution
Question
Accounting
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.
Current Week | ||||||||||||||
Name | Gross Pay through Aug. 18 | Gross Pay | Income Tax Withholding | |||||||||||
Dali | $ | 124,100 | $ | 4,800 | $ | 568 | ||||||||
Trey | 124,600 | 3,800 | 298 | |||||||||||
Kiesha | 9,100 | 1,000 | 56 | |||||||||||
Chee | 3,050 | 1,000 | 45 | |||||||||||
In addition to gross pay, the company must pay one-half of the $100 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.):
Find...
1. Employee's FICA withholdings for social security
2. employee's FICA withholdings for Medicare
3. employer's FICA taxes for social security
4. employer's FICA taxes for medicare
5. employer's FUTA Taxes
6. employer's SUTA taxes
7. each employee's net (take home) pay
8. employers total payroll related expense for each employee
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.