Question

 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.

 In addition to gross pay, the company must pay one-half of the S100 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)

Answer 1

Every schedule is correct except last schedule of "Employer's total payroll expenses", which is as follows:

8) Employer's total payroll-related expense for each employee:
Employee	Dali	Trey	Kiesha	Chee	total
Gross pay	4800	3800	1000	1000	10600
FICA-Social security	266.6	235.6	62	62	626.2
FICA-Medicare	69.6	55.1	14.5	14.5	153.7
FUTA				6	6
SUTA				54	54
Health Insurance	50	50	50	50	200
Pension (8% of GP)	384	304	80	80	848
Total Payroll exp.	5570.2	4444.7	1206.5	1266.5	12487.9