Computation of payroll accounting with taxes

Reference no: EM1312603

Calculate the missing amounts in the chart provided. The following summary data for the payroll period ended December 27, 2008, are available for Cayman Coating Co.:

Gross pay	$53,000
FICA tax withholdings	?
Income tax withholdings	7,680
Group hospitalization insurance	960
Employee contributions to pension plan	?
Total deductions	14,088
Net pay	?

Additional information:

FICA tax rates are 7.65% on the first $97,500 of each of the employee's annual earnings and 1.45% on any earnings in the excess of $97,500. However, no employees had accumulated earnings for the year in excess of the $97,500 limit. The FICA tax rates are levied against both employers and employees.

The federal and state unemployment compensation tax rates are 0.8% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $7,500 of the gross pay amount for the December 27, 2008, pay period was owed to employees who were still under the annual limit.

Reference no: EM1312603

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