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...

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 company’s 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 company’s four employees.

			Current Week
Name	Gross Pay through Aug. 18		Gross Pay	Income Tax Withholding
Dali		$	127,300		$	2,000	$	284
Trey			127,500			900		145
Kiesha			6,900			450		39
Chee			1,250			400		30

In addition to gross pay, the company must pay two-thirds of the $60 per employee weekly health insurance; each employee pays the remaining one-third. 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.):

5) Employer's FUTA Taxes<br>Employee<br>Earnings<br>Subject to<br>Tax Rate<br>Tax Amount<br>Tax<br>Tax Rate<br>Dali<br>Trey<br>Kiesha<br>Chee<br>Total<br>0.00<br>6) Employer's SUTA Taxes<br>Earnings<br>Subject to<br>Tax<br>Employee<br>Tax Rate<br>Tax Amount<br>Tax Rate<br>Dali<br>Trey<br>Kiesha<br>Chee<br>Total<br>0.00<br>7) Each Employee's Net (take-home) Pay<br>Employee<br>Dali<br>Trey<br>Kiesha<br>Chee<br>Total<br>Gross Pay<br>2,000.00<br>900.00<br>450.00<br>400.00<br>3,750.00<br>Income tax withholding<br>284.00<br>145.00<br>39.00<br>30.00<br>498.00<br>FICA - Social Security<br>0.00<br>FICA Medicare<br>0.00<br>Health Insurance<br>0.00<br>Net Pay<br>0.00<br>8) Employer's total payroll-related expense for each employee.<br>Employee<br>Dali<br>Trey<br>Kiesha<br>Chee<br>Total<br>Gross Pay<br>2,000.00<br>900.00<br>450.00<br>400.00<br>3,750.00<br>FICA Social Security<br>0.00<br>0.00<br>0.00<br>0.00<br>0.00<br>FICA Medicare<br>0.00<br>0.00<br>0.00<br>0.00<br>0.00<br>FUTA<br>0.00<br>0.00<br>0.00<br>0.00<br>0.00<br>SUTA<br>0.00<br>0.00<br>0.00<br>0.00<br>0.00<br>Health Insurance<br>0.00<br>Pension<br>0.00<br>Total Payroll Expense<br>2,000.00<br>900.00<br>450.00<br>400.00<br>3,750.00<br>

Extracted text: 5) Employer's FUTA Taxes Employee Earnings Subject to Tax Rate Tax Amount Tax Tax Rate Dali Trey Kiesha Chee Total 0.00 6) Employer's SUTA Taxes Earnings Subject to Tax Employee Tax Rate Tax Amount Tax Rate Dali Trey Kiesha Chee Total 0.00 7) Each Employee's Net (take-home) Pay Employee Dali Trey Kiesha Chee Total Gross Pay 2,000.00 900.00 450.00 400.00 3,750.00 Income tax withholding 284.00 145.00 39.00 30.00 498.00 FICA - Social Security 0.00 FICA Medicare 0.00 Health Insurance 0.00 Net Pay 0.00 8) Employer's total payroll-related expense for each employee. Employee Dali Trey Kiesha Chee Total Gross Pay 2,000.00 900.00 450.00 400.00 3,750.00 FICA Social Security 0.00 0.00 0.00 0.00 0.00 FICA Medicare 0.00 0.00 0.00 0.00 0.00 FUTA 0.00 0.00 0.00 0.00 0.00 SUTA 0.00 0.00 0.00 0.00 0.00 Health Insurance 0.00 Pension 0.00 Total Payroll Expense 2,000.00 900.00 450.00 400.00 3,750.00

Jun 09, 2022

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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...

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