Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 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 0.6% and SUTA taxes are 5.4%. 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 Aug. 18 Gross Pay Income Tax Withholding Dali $ 123,700 $ 5,200 $ 625 Trey 126,000 2,400 266 Kiesha 9,500 1,800 60 Chee 3,450 1,800 48 In addition to gross pay, the company must pay one-half of the $108 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% 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 intermediate calculations and final answers to 2 decimal places.):

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

Expert Solution

ekkarill92 answered 2 years ago

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 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 0.6% and SUTA taxes are 5.4%. 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 Aug. 18...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 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 0.6% and SUTA taxes are 5.4%. 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 Aug. 18...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 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 0.6% and SUTA taxes are 5.4%. 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. Name Gross Pay Through August 18 Gross Pay...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 paid...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 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 0.6% 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 Aug. 18...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 paid...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 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 0.6% 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 Aug. 18...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 paid...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 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 0.6% 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 Aug. 18...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 paid...

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $118,500 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 0.6% 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 Aug. 18...

Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...

Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay Ken S $ 5,700 Michelle W $ 150,000 Lori K $ 137,400 Tim V...

BMX Company has one employee FICA Social Security taxes are 6.2% of the first $128,400 paid...

BMX Company has one employee FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee,and FICA Medicare taxes are 1.45% of gross pay.For BMC,its FUTA taxes are 0.6% and SUTA taxes are 5.4-% of the first $7,000 paid to its employee BMX Company has one employee FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee,and FICA Medicare taxes are 1.45% of gross pay.For BMC,its FUTA taxes are 0.6% and SUTA taxes...

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Payfor September A. $ 5,9 00 a. $ 1,400 B. 3,400 b. 3,500 C.123,500 c. 9,400 Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September...

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Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...

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