6 Paloma M-a-care taxes are 1 45% of gross pay Social S curity taxes are 6.2% of

Question

6 Paloma M-a-care taxes are 1 45% of gross pay Social S curity taxes are 6.2% of the first $118,500 Also for the first $7,000 paid to each employee, th 1-215%. The company is pepo g its payroll calculations or the week end Co. has fouremployees. F ICA A taxes ollowing information for the company's four employees 20 Current Heek Income Tax Withholding Gross Pay h Aug. 18 Gross Pay $118,100 116,800 7,800 1,75e $2,700 2,580 528 470 s 383 403 45 35 Trey Kiesha addition to gross pay, the company must pay one-half of the $74 per employee weekly he the remaining one-half The company also contributes an extra 8% of each employee's gross pension fund. References Required: Compute the following for the week ended August 25. (Round your intermediate calculation places.) 1) Employees FICA Withholdings for Social Security and w 3 4 5 6 7

Explanation / Answer

Solution:

Calculation of the Following for the Week Ended August 25:

1) Employees' FICA Withholdings for Social Security

2) Employees' FICA Withholdings for Medicare

3) Employer's FICA Taxes for Social Security

4) Employer's FICA Taxes for Medicare

5) Employer's FUTA Taxes

6) Employer's SUTA Taxes

7) Each Employee's Net (take-home) Pay

8) Total Payroll Related Expense for Each Employee

Employee Earnings Subject to Tax Tax Rate Tax Amount Dali $400 6.20% $24.80 Trey $2,500 6.20% $155.00 Kiesha $520 6.20% $32.24 Chee $470 6.20% $29.14 Total $241.18

Related Questions

Navigate

• Browse (All)
• Browse 6
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.