Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $132,900...
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Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $132,900 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
Current Week
Gross Pay
Income Tax Withholding
Dali
$ 123,700
$ 5,200
$ 625
Trey
130,500
2,400
266
Kiesha
9,500
1,800
60
Chee
3,450
1,800
48
In addition to gross pay, the company must pay one-half of the $108 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.