Paloma co stars has four employees fica social security

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

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