Payroll Taxes
Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 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 company’s FUTA taxes are .6% and SUTA taxes are 6.20%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company’s four employees. |
|
| Current Week | ||||||||||
|
| |||||||||||
Name | Gross Pay | Gross Pay | Income Tax Withholding | |||||||||
Dahlia |
| $ | 116,150 |
|
| $ | 3,150 |
|
| $ | 447 |
|
Trey |
|
| 116,800 |
|
|
| 200 |
|
|
| 32 |
|
Kiesha |
|
| 9,400 |
|
|
| 680 |
|
|
| 59 |
|
Chee |
|
| 3,350 |
|
|
| 630 |
|
|
| 47 |
|
In addition to gross pay, the company must pay one-half of the $106 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employee’s 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.):
|
10 years ago
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