Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the
ID: 2376473 • Letter: P
Question
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, its FUTA taxes are 0.8% and SUTA taxes are 2.15% of the first $7,000 paid to each employee. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company%u2019s four employees.
In addition to gross pay, the company must pay one-half of the $70 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 7% of each employee%u2019s gross pay (at no cost to employees) to a pension fund.
1) Employees FICA withholdings for social security
Employee Earnings Subject to tax Tax Rate Tax Amount
Dahlia 6.20%
Trey
Kiesha
Chee
through 8/18 Gross Pay Income Tax Withholding Dahlia $ 108,500 $ 2,500 $ 289 Trey 36,900 950 150 Kiesha 7,350 500 44 Chee 1,300 450 35
Explanation / Answer
compute the following for the week ended September 30.
1. Each employee's FICA witholding for Social Security
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