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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 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. Name Dali Trey Kiesha Chee Employee In addition to gross pay, the company must pay one-half of the $82 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. Tax Rate Dali Trey Kiesha Chee Required: Compute the following for the week ended August 25. Note: Round your Intermediate calculations and final answers to 2 decimal places. 1) Employees' FICA Withholdings for Social Security Earnings Subject to Tax Employee Tax Rate Dali Trey Kiesha Chee Gross Pay through August 18 $ 125,000 135,500 8, 200 2,150 2) Employees' FICA Withholdings for Medicare Earnings Subject to Tax Employee Gross Pay $ 5,800 2,200 1,400 1,600 Tax Rate Dali Trey Kiesha Chee Employee Current Week 2,200.00 1,400.00 1,600.00 3) Employer's FICA Taxes for Social Security Earnings Subject to Tax Tax Rate Dali 4) Employer's FICA Taxes for Medicare Earnings Subject to Tax Tax Rate Income Tax Withholding $ 440 371 49 38 6.20% Tax Rate Total S Tax Rate Tax Amount Total S Tax Rate Tax Amount 0.00 0.00 0.00 Total $ 0.00 Tax Amount 0.00 Tax Amount

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 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. Name Dali Trey Kiesha Chee Employee In addition to gross pay, the company must pay one-half of the $82 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. Tax Rate Dali Trey Kiesha Chee Required: Compute the following for the week ended August 25. Note: Round your Intermediate calculations and final answers to 2 decimal places. 1) Employees' FICA Withholdings for Social Security Earnings Subject to Tax Employee Tax Rate Dali Trey Kiesha Chee Gross Pay through August 18 $ 125,000 135,500 8, 200 2,150 2) Employees' FICA Withholdings for Medicare Earnings Subject to Tax Employee Gross Pay $ 5,800 2,200 1,400 1,600 Tax Rate Dali Trey Kiesha Chee Employee Current Week 2,200.00 1,400.00 1,600.00 3) Employer's FICA Taxes for Social Security Earnings Subject to Tax Tax Rate Dali 4) Employer's FICA Taxes for Medicare Earnings Subject to Tax Tax Rate Income Tax Withholding $ 440 371 49 38 6.20% Tax Rate Total S Tax Rate Tax Amount Total S Tax Rate Tax Amount 0.00 0.00 0.00 Total $ 0.00 Tax Amount 0.00 Tax Amount

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 3E
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ces 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 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. Name Dali Trey Kiesha Chee Employee Tax Rate Dali Trey Kiesha Chee In addition to gross pay, the company must pay one-half of the $82 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. 1) Employees' FICA Withholdings for Social Security Earnings Subject to Tax Employee Required: Compute the following for the week ended August 25. Note: Round your Intermediate calculations and final answers to 2 decimal places. Tax Rate Dali Trey Kiesha Chee Gross Pay through August 18 $ 125,000 135,500 8,200 2,158 Employee 2) Employees' FICA Withholdings for Medicare Earnings Subject to Tax Tax Rate Dali Trey Kiesha Chee Gross Pay $ 5,800 2,200 1,400 1,600 Employee Tax Rate Dali Trey Current Week 2,200.00 1,400.00 1,600.00 3) Employer's FICA Taxes for Social Security Earnings Subject to Tax 4) Employer's FICA Taxes for Medicare Earnings Subject to Tax Tax Rate Income Tax Withholding $ 448 371 6.20% Tax Rate Total Total Tax Rate Tax Rate 38 Tax Amount S $ Tax Amount Total S 0.00 0.00 0.00 0.00 Tax Amount 0.00 Tax Amount
Transcribed Image Text:ces 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 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. Name Dali Trey Kiesha Chee Employee Tax Rate Dali Trey Kiesha Chee In addition to gross pay, the company must pay one-half of the $82 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. 1) Employees' FICA Withholdings for Social Security Earnings Subject to Tax Employee Required: Compute the following for the week ended August 25. Note: Round your Intermediate calculations and final answers to 2 decimal places. Tax Rate Dali Trey Kiesha Chee Gross Pay through August 18 $ 125,000 135,500 8,200 2,158 Employee 2) Employees' FICA Withholdings for Medicare Earnings Subject to Tax Tax Rate Dali Trey Kiesha Chee Gross Pay $ 5,800 2,200 1,400 1,600 Employee Tax Rate Dali Trey Current Week 2,200.00 1,400.00 1,600.00 3) Employer's FICA Taxes for Social Security Earnings Subject to Tax 4) Employer's FICA Taxes for Medicare Earnings Subject to Tax Tax Rate Income Tax Withholding $ 448 371 6.20% Tax Rate Total Total Tax Rate Tax Rate 38 Tax Amount S $ Tax Amount Total S 0.00 0.00 0.00 0.00 Tax Amount 0.00 Tax Amount
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