Already posted this question and they didnt finish it and I just do not understa
ID: 2402122 • Letter: A
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Already posted this question and they didnt finish it and I just do not understand it can someone help?
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 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 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 Current Week Gross Pay Income Tax Withholding Name Dali Trey Kiesha Chee Gross Pay S 3,250 1,600 700 660 through Aug. 18 $117,250 116,900 9,600 3,550 S 462 258 61 49 In addition to gross pay the company must pay one-half o the $110 per employee weekly health nsurance, each employee pays he 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.Explanation / Answer
5) Employer's FUTA Taxes Employee earning subject to Tax Tax rate Tax amt Dali 0 0.60% 0 Trey 0 0.60% 0 Kiesha 0 0.60% 0 Chee 650 0.60% 3.9 Total 3.9 6) Employer's SUTA Taxes Employee earning subject to Tax Tax rate Tax amt Dali 0 6.20% 0 Trey 0 6.20% 0 Kiesha 0 6.20% 0 Chee 650 6.20% 40.3 Total 40.3 7) Each Employee's Net (take-home) Pay Employee Dahlia Trey Kiesha Chee Total Gross Pay 3250 1600 700 650 6200 Income tax withholding 462 258 61 49 830 FICA - Social Security 77.5 99.2 43.4 40.3 260.4 FICA - Medicare 47.13 23.2 10.15 9.43 89.91 Health Insurance 55 55 55 55 220 Net Pay 2608.37 1164.6 530.45 496.27 4799.69 Employee Dahlia Trey Kiesha Chee Total Gross Pay 3250 1600 700 650 6200 FICA - Social Security 77.5 99.2 43.4 40.3 260.4 FICA - Medicare 47.13 23.2 10.15 9.43 89.91 FUTA 0 0 0 3.9 3.9 SUTA 0 0 0 40.3 40.3 Health Insurance 55 55 55 55 220 Pension 260 128 56 52 496 Net Pay 2810.37 1294.6 535.45 449.07 5089.49
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