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Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700...

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Accounting

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.

  1. Employee FICA Whitholding for Social Security
  2. Employee FICA Whitholding for Medicare
  3. Employee FICA Taxes for Social Security
  4. Employee FICA Taxes for Medicare
  5. Employers FUTA Taxes
  6. Employes SUTA Taxes

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