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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.):
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ekkarill92 answered 1 year agoRelated Solutions
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 $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...
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 Pay for September
a.
$
5,000
$
2,100
b.
2,250
2,350
c.
122,600
8,500
1a. Compute BMX’s amounts for each of these four taxes as
applied...
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