Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $132,900...

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Accounting

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.

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1) Employees' FICA Withholdings for Social Security \begin{tabular}{|l|l|l|l|} \hline Employee & Earnings Subject to Tax & Tax Rate & Tax Amount \\ \hline Tax Rate & & & \\ \hline Dali & & & \\ \hline Trey & & & \\ \hline Kiesha & & & \\ \hline Chee & & & \\ \hline & & Total & \\ \hline \end{tabular} 2) Employees' FICA Withholdings for Medicare 3) Employer's FICA Taxes for Social Security \begin{tabular}{|l|l|l|l|} \hline Employee & Earnings Subject to Tax & Tax Rate & Tax Amount \\ \hline Tax Rate & & & \\ \hline Dali & & & \\ \hline Trey & & & \\ \hline Kiesha & & & \\ \hline Chee & & & \\ \hline & & Total & \\ \hline \hline \end{tabular} 4) Employer's FICA Taxes for Medicare \begin{tabular}{|l|l|l|l|} \hline Employee & Earnings Subject to Tax & Tax Rate & Tax Amount \\ \hline Tax Rate & & & \\ \hline Dali & & & \\ \hline Trey & & & \\ \hline Kiesha & & & \\ \hline Chee & & & \\ \hline & & Total & \\ \hline & & & \\ \hline \hline \end{tabular} 5) Employer's FUTA Taxes \begin{tabular}{|l|l|l|l|} \hline Employee & Earnings Subject to Tax & Tax Rate & Tax Amount \\ \hline Tax Rate & & & \\ \hline Dali & & & \\ \hline Trey & & & \\ \hline Kiesha & & & \\ \hline Chee & & & \\ \hline & & Total & \\ \hline \hline \end{tabular} 6) Employer's SUTA Taxes 7) Each Employee's Net (take-home) Pay 8) Employer's total payroll-related expense for each employee

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