Paloma co stars has four employees fica social security

Assignment Help Accounting Basics

Reference no: EM13588408

Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $110,100 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 0.8% 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 company's four employees.

				Current Week

Name	Gross Pay through 8/18			Gross Pay			Income Tax Withholding
Dahlia		$	108,000		$	3,000		$	294
Trey			37,150			1,000			155
Kiesha			7,600			550			49
Chee			1,550			500			40

In addition to gross pay, the company must pay one-half of the $50 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 9% of each employee's gross pay (at no cost to employees) to a pension fund.

Required:

Compute the following for the week ended August 25 (Round your answers to 2 decimal places.):

Reference no: EM13588408

Questions Cloud

A series circuit contains only a resistor and an inductor : a series circuit contains only a resistor and an inductor. the voltage v of the generator is fixed. if r 16 ohms and

Consider the future of convergence and potential : how might you encounter international issues in your career as an industry or client-serving

Fomtech inc had net income of 750000 based on variable : fomtech inc. had net income of 750000 based on variable costing. beginning and ending inventories were 50000 units and

If s2 moves with a speed of 064 c with respect to a rest : question a rod of length 1.76 m is at rest in an inertial frame s2.if s2 moves with a speed of 0.64 c with respect to a

Paloma co stars has four employees fica social security : paloma co. stars has four employees. fica social security taxes are 6.2 of the first 110100 paid to each employee and

The financial statements presents a company to the public : the financial statements presents a company to the public in financial terms. which financial statement identifies how

In a nuclear magnetic resonance spectrometer a 15mh coil is : question in a nuclear magnetic resonance spectrometer a 15mh coil is designed to detect an emf oscillating at 400mhz.

Touring enterprises inc has a capital structure consisting : touring enterprises inc. has a capital structure consisting of 18 million in long-term debt and 7 million in common

If instead the noncontrolling interest shares of devine had : the holtz corporation acquired 80 percent of the 100000 outstanding voting shares of devine inc. for 7.50 per share on

User Account

All Pages