Paloma Co. Stars has four employees. FICA Social Security taxesare 6.2% of the first $110,100 paid to each employee, and FICAMedicare taxes are 1.45% of gross pay. Also, its FUTA taxes are0.8% and SUTA taxes are 2.15% of the first $7,000 paid to eachemployee. The company is preparing its payroll calculations for theweek ended August 25. Payroll records show the followinginformation for the companyâs four employees.
current week name
Gross Pay 8/18 Gross Pay Income Tax Withholding Dahlia 107,200 3800 276 Trey 36250 820 137 Kiesha 8000 630 57 Chee 1950 580 48
In addition to gross pay, the company must pay one-half of the$60 per employee weekly health insurance; each employee pays theremaining one-half. The company also contributes an extra 8% ofeach employeeâs gross pay (at no cost to employees) to a pensionfund.
Required:
Compute the following for the week ended August 25 (Round youranswers 2 decimal places)
Employee
Earnings subject to tax Tax rate Tax amount Dahlia Trey Kiesha Chee
2)Emmployees' FICA withholding for Medicare
Employee Earnings Subject to Tax Tax Rate Tax Amount Dahlia Trey Kiesha Chee
3)Employer's FICA taxes for Social Security
Employee Earnings subject to tax tax rate tax amount Dahlia Trey Kiesha Chee
4) Employer's FICA taxes for Medicare
Employee Earnings subject to Tax Tax Rate Tax Amount Dahlia 1.45 Trey 1.45 Kiesha 1.45 Chee 1.45
5)Employer's FUTA taxes
Employee Earnings subject to tax Tax Rate Tax Amount Dahlia .8
Trey .8 Kiesha .8 Chee .8
6) Employer's SUTA taxes
Employee Earnings subhect to tax Tax Rate Tax Amount Dahlia 2.15 Trey 2.15 Kiesha 2.15 Chee 2.15
7) Each employee's net (take-home) pay
Employee Dahlia Trey Kiesha Chee Total Gross Pay 3800 820 630 580 5830 Income Tax Withholding 276 137 57 48 518 FICA -SS FICA - Medicare Health Insurance Net Pay
8) Total payroll related expense for each employee
Employee Dahlia Trey Kiesha Chee Total Gross Pay 3800 820 630 580 5830 FICA - SS FICA -Medicare FUTA SUTA Health Insurance Pension Total Payroll Expense
Paloma Co. Stars has four employees. FICA Social Security taxesare 6.2% of the first $110,100 paid to each employee, and FICAMedicare taxes are 1.45% of gross pay. Also, its FUTA taxes are0.8% and SUTA taxes are 2.15% of the first $7,000 paid to eachemployee. The company is preparing its payroll calculations for theweek ended August 25. Payroll records show the followinginformation for the companyâs four employees.
name | Gross Pay 8/18 | Gross Pay | Income Tax Withholding |
| Dahlia | 107,200 | 3800 | 276 |
| Trey | 36250 | 820 | 137 |
| Kiesha | 8000 | 630 | 57 |
| Chee | 1950 | 580 | 48 |
In addition to gross pay, the company must pay one-half of the$60 per employee weekly health insurance; each employee pays theremaining one-half. The company also contributes an extra 8% ofeach employeeâs gross pay (at no cost to employees) to a pensionfund.
Required:
Compute the following for the week ended August 25 (Round youranswers 2 decimal places)
Employee | Earnings subject to tax | Tax rate | Tax amount |
| Dahlia | |||
| Trey | |||
| Kiesha | |||
| Chee |
2)Emmployees' FICA withholding for Medicare
| Employee | Earnings Subject to Tax | Tax Rate | Tax Amount |
| Dahlia | |||
| Trey | |||
| Kiesha | |||
| Chee |
3)Employer's FICA taxes for Social Security
| Employee | Earnings subject to tax | tax rate | tax amount |
| Dahlia | |||
| Trey | |||
| Kiesha | |||
| Chee |
4) Employer's FICA taxes for Medicare
| Employee | Earnings subject to Tax | Tax Rate | Tax Amount |
| Dahlia | 1.45 | ||
| Trey | 1.45 | ||
| Kiesha | 1.45 | ||
| Chee | 1.45 |
5)Employer's FUTA taxes
| Employee | Earnings subject to tax | Tax Rate | Tax Amount |
| Dahlia | .8 | ||
| Trey | .8 | ||
| Kiesha | .8 | ||
| Chee | .8 |
6) Employer's SUTA taxes
| Employee | Earnings subhect to tax | Tax Rate | Tax Amount |
| Dahlia | 2.15 | ||
| Trey | 2.15 | ||
| Kiesha | 2.15 | ||
| Chee | 2.15 |
7) Each employee's net (take-home) pay
| Employee | Dahlia | Trey | Kiesha | Chee | Total |
| Gross Pay | 3800 | 820 | 630 | 580 | 5830 |
| Income Tax Withholding | 276 | 137 | 57 | 48 | 518 |
| FICA -SS | |||||
| FICA - Medicare | |||||
| Health Insurance | |||||
| Net Pay |
8) Total payroll related expense for each employee
| Employee | Dahlia | Trey | Kiesha | Chee | Total |
| Gross Pay | 3800 | 820 | 630 | 580 | 5830 |
| FICA - SS | |||||
| FICA -Medicare | |||||
| FUTA | |||||
| SUTA | |||||
| Health Insurance | |||||
| Pension | |||||
| Total Payroll Expense |
Related questions
Paloma Co. Stars has four employees. FICA Social Security taxesare 6.2% of the first $117,000 paid to each employee, and FICAMedicare taxes are 1.45% of gross pay. Also, for the first $7,000paid to each employee, the companyâs FUTA taxes are .6% and SUTAtaxes are 6.20%. The company is preparing its payroll calculationsfor the week ended August 25. Payroll records show the followinginformation for the companyâs four employees.
| Current Week | ||||||||||||
| Name | Gross Pay through Aug. 18 | Gross Pay | Income Tax Withholding | |||||||||
| Dahlia | $ | 115,600 | $ | 2,600 | $ | 369 | ||||||
| Trey | 116,250 | 750 | 121 | |||||||||
| Kiesha | 8,300 | 570 | 49 | |||||||||
| Chee | 2,250 | 520 | 39 | |||||||||
In addition to gross pay, the company must pay one-half of the$84 per employee weekly health insurance; each employee pays theremaining one-half. The company also contributes an extra 8% ofeach employeeâs gross pay (at no cost to employees) to a pensionfund. |
| Required: |
Compute the following for the week ended August 25.(Round your intermediate calculations and final answers to2 decimal places.): |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 companyâs FUTA taxes are 0.6% and SUTA taxes are 2.15%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the companyâs four employees.
| Current Week | ||||||||||||||
| Name | Gross Pay through Aug. 18 | Gross Pay | Income Tax Withholding | |||||||||||
| Dali | $ | 115,800 | $ | 3,600 | $ | 511 | ||||||||
| Trey | 116,450 | 2,050 | 330 | |||||||||||
| Kiesha | 8,700 | 610 | 53 | |||||||||||
| Chee | 2,650 | 560 | 42 | |||||||||||
In addition to gross pay, the company must pay one-half of the $92 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employeeâs 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.):
| 1) Employees' FICA Withholdings for Social Security | ||||||||||
| Employee | Earnings Subject to Tax | Tax Rate | Tax Amount | |||||||
| Dali | ||||||||||
| Trey | ||||||||||
| Kiesha | ||||||||||
| Chee | ||||||||||
| Total | $0.00 | |||||||||
| 2) Employees' FICA Withholdings for Medicare | ||||||||||
| Employee | Earnings Subject to Tax | Tax Rate | Tax Amount | |||||||
| Dali | ||||||||||
| Trey | ||||||||||
| Kiesha | ||||||||||
| Chee | ||||||||||
| Total | $0.00 | |||||||||
| 3) Employer's FICA Taxes for Social Security | ||||||||||
| Employee | Earnings Subject to Tax | Tax Rate | Tax Amount | |||||||
| Dali | ||||||||||
| Trey | ||||||||||
| Kiesha | ||||||||||
| Chee | ||||||||||
| Total | $0.00 | |||||||||
| 4) Employer's FICA Taxes for Medicare | ||||||||||
| Employee | Earnings Subject to Tax | Tax Rate | Tax Amount | |||||||
| Dali | ||||||||||
| Trey | ||||||||||
| Kiesha | ||||||||||
| Chee | ||||||||||
| Total | $0.00 | |||||||||
| 5) Employer's FUTA Taxes | ||||||||||
| Employee | Earnings Subject to Tax | Tax Rate | Tax Amount | |||||||
| Dali | ||||||||||
| Trey | ||||||||||
| Kiesha | ||||||||||
| Chee | ||||||||||
| Total | $0.00 | |||||||||
| 6) Employer's SUTA Taxes | ||||||||||
| Employee | Earnings Subject to Tax | Tax Rate | Tax Amount | |||||||
| Dali | ||||||||||
| Trey | ||||||||||
| Kiesha | ||||||||||
| Chee | ||||||||||
| Total | $0.00 | |||||||||
| 7) Each Employee's Net (take-home) Pay | ||||||||||
| Employee | Dali | Trey | Kiesha | Chee | Total | |||||
| Gross Pay | $3,600.00 | $2,050.00 | $610.00 | $560.00 | $6,820.00 | |||||
| Income tax withholding | 511.00 | 330.00 | 53.00 | 42.00 | 936.00 | |||||
| FICA - Social Security | 0.00 | |||||||||
| FICA - Medicare | 0.00 | |||||||||
| Health Insurance | 0.00 | |||||||||
| Net Pay | $0.00 | |||||||||
| 8) Total Payroll Related Expense for Each Employee | ||||||||||
| Employee | Dali | Trey | Kiesha | Chee | Total | |||||
| Gross Pay | $3,600.00 | $2,050.00 | $610.00 | $560.00 | $6,820.00 | |||||
| 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 | $3,600.00 | $2,050.00 | $610.00 | $560.00 | $6,820.00 | |||||
