Paloma Company has four employees. FICA Social Security taxes are 6.2 % of the first $137,700 paid to each employee, and FICAMedicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTAtaxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the followinginformation for the company's four employees.NameDaliTreyKieshaCheeGross Pay throughAugust 18$ 125,400135,3007,8001,750EmployeeTax RateDaliCurrent WeekTreyKieshaCheeGross Pay$ 5,6002,4001,6002,000In addition to gross pay, the company must pay one-half of the $74 per employee weekly health insurance, each employee pays theremaining one-half. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pensionfund.Required:Compute the following for the week ended August 25Note: Round your intermediate calculations and final answers to 2 decimal places.1) Employees' FICA Withholdings for Social SecurityEarningsSubject to TaxIncome TaxWithholding$ 3834034535Tax RateTax AmountTotal $0.00

Payroll refers to a list that contains the names of employees along with the compensation that is…

Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 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 Dali Trey Kiesha Chee Gross Pay through August 18 $125,400 135,300 7,800 1,750 Current Week Gross Pay $ 5,600 2,400 1,600 2,000 Employee Tax Rate Dali Trey Kiesha Chee Income Tax Withholding $383 In addition to gross pay, the company must pay one-half of the $74 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. 1) Employees' FICA Withholdings for Social Security Earnings Subject to Tax Tax Rate Required: Compute the following for the week ended August 25 Note: Round your intermediate calculations and final answers to 2 decimal places. 403 45 35 Tax Amount Total $ 0.00

Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 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 Dali Trey Kiesha Chee Gross Pay through August 18 $125,400 135,300 7,800 1,750 Current Week Gross Pay $ 5,600 2,400 1,600 2,000 Employee Tax Rate Dali Trey Kiesha Chee Income Tax Withholding $383 In addition to gross pay, the company must pay one-half of the $74 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. 1) Employees' FICA Withholdings for Social Security Earnings Subject to Tax Tax Rate Required: Compute the following for the week ended August 25 Note: Round your intermediate calculations and final answers to 2 decimal places. 403 45 35 Tax Amount Total $ 0.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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