lit View F P 9-3 Connect HW four employees FICA Social Security taxes Paloma Co.

Question

lit View F P 9-3 Connect HW four employees FICA Social Security taxes Paloma Co. has taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes at are 215%. The company is preparing its payroll calculations for the week ended August 25 Payroll records show the information for the company's four employees employees FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare re 0.6% and SUTA taxes following 10 Gross Pay through Aug. Gross Income Tax Withholding 18 $116,150 116, 800 9,400 3,350 4, 300 1,700 680 630 Trey Kiesha ReterencesIn 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 places.)

Explanation / Answer

1-Employees' FICA withholdings for Social Security

2- Employees' FICA withholdings for Medicare

Employee

9.14

3-Employer's FICA taxes for Social Securty

4-Employer's FICA taxes for Medicare

5-Employer's FUTA Taxes

6- Employer's SUTA taxes

7-Each employee's net (Take-home) pay

8- Total payroll related expenses for each employee

Employee Earnings subject to Tax Tax Rate Tax Amount Dali 2350 6.2% 145.7 Trey 1,700 6.2% 105.4 Kiesha 680 6.2% 42.16 Chee 630 6.2% 39.06 Total $ 332.32

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