Question

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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 Dali Trey Kiesha Chee Gross Pay through Aug. 18 $123,600 125,800 9,600 3,550 Current Week Income Tax Gross Paywithholding $5,800 $ 639 2,600 258 1,200 61 1,600 49 In addition to gross pay, the company must pay one-half of the $110 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

D E Н (4) Employer's FICA Taxes for Medicare Earnings Subject to Tax (1) Employee's FICA Withholdings for Social Security Earnings Subject to Tax 2 Tax Rate Tax Amount Tax Rate Tax Amount Employee Employee 3 Tax Rate Dali 6.20% 4 Tax Rate 1.45% 5 Dali 5,800.00 4,800.00 297.60 84.10 6 Trey 7 Kiesha 8 Chee Trey Kiesha Chee 2,600.00 161.20 2,600.00 37.70 2$ 2$ 1,200.00 74.40 1,200.00 17.40 2$ 1,600.00 99.20 1,600.00 23.20 Total Total 632.40 162.40 9. 10 (2) Employee's FICA Withholdings for Medicare Earnings Subject to Tax (5) Employer's FUTS Taxes Earnings Subject to Tax 11 12 Tax Rate Tax Amount Tax Rate Tax Amount Employee Employee 13 1.45% 14 Tax Rate 15 Dali Tax Rate Dali 0.60% 5,800.00 84.10 Trey Kiesha Chee 16 Trey 2,600.00 37.70 17 Kiesha 2$ 2$ 1,200.00 17.40 18 Chee 23.20 1,600.00 1,600.00 9.60 Total Total 162.40 9.60 19 20 (6) Employer's SUTA Taxes Earnings |Subject to Tax (3) Employer's FICA Taxes for Social Security Earnings Subject to Tax 21 22 Tax Rate Tax Amount Tax Rate Tax Amount Employee Employee 23 24 Tax Rate 25 Dali 26 Trey 27 Kiesha 6.20% Tax Rate Dali Trey Kiesha Chee 5.40% 4,800.00 297.60 2$ 2,600.00 161.20 1,200.00 74.40 28 Chee 2$ 86.40 1,600.00 99.20 1,600.00 Total 632.40 Total 86.40 29

K (7) Each Employee's Net (take - home) Pay Trey Total Employee Gross Pay Income tax withholding $ 639.00 $ 258.00 $ FICA - Social Security $ 297.60 $ 161.20 $ FICA - Medicare Health Insurance Net Pay Dali Kiesha Chee 2 $5,800.00 | $2,600.00 | $1,200.00 $1,600.00 | $11,200.00 61.00 $ 74.40 | $ 49.00 $ 1,007.00 99.20 $ 632.40 $ 84.10 $ 37.70 | $ 17.40 $ 23.20 $ 162.40 55.00 $ 55.00 $ 55.00 $ 55.00 $ 220.00 $4,724.30 $2,088.10 $ 992.20 $1,373.60 $ 9,178.20 10 (8) Employer's total payroll-related expense for each employee Trey $5,800.00 | $2,600.00 | 161.20 | $ 37.70 | $ 11 Dali Kiesha Total Employee Gross Pay FICA - Social Security $ 297.60 | $ FICA - Medicare FUTA SUTA Health Insurance Pension Net Pay Chee 12 $1,200.00 $1,600.00 $11,200.00 13 74.40 | $ 99.20 | $ 23.20 | $ 14 632.40 17.40 $ 162.40 84.10 $ 15 9.60 $ 9.60 16 86.40 | $ 86.40 17 55.00 $ $ 464.00 | $ 208.00 $ $ 900.70 | $ 461.90 | $ 242.80 $ 401.40 | $ 2,006.80 55.00 $ 55.00 $ 220.00 55.00 $ 18 96.00 $ 128.00 $ 19 896.00 20 21 %24 3. 6.

Н (4) Employer's FICA Taxes for Medicare Earnings Subject to Tax (1) Employee's FICA Withholdings for Social Security Earnings Subject to Tax Tax Rate Employee Tax Rate Tax Amount Employee Tax Amount Tax Rate Dali Trey Kiesha Chee Tax Rate 5 Dali 0.062 0.0145 =128400-123600 5800 2600 =B5*$C$4 =G5*$C$14 =B6*$C$4 =B7*$C$4 |=B8*$C$4 =SUM(D4:D8) 6 Trey 7 Kiesha 8 Chee =G6*$C$14 =128400-125800 |=G7*$C$14 =G8*$C$14 1200 1200 1600 1600 Total |=SUM(14:I8) Total (5) Employer's FUTS Taxes Earnings Subject to Tax (2) Employee's FICA Withholdings for Medicare 11 Earnings Subject to Tax 12 Employee 13 Employee Tax Rate Tax Rate Tax Amount Tax Amount Tax Rate Dali 14 Tax Rate 0.0145 0.006 |=B15*$C$14 |=B16*$C$14 =B17*$C$14 =B18*$C$14 =SUM(D14:D18) 15 Dali 5800 =G15*$H$14 16 Trey 17 Kiesha Trey Kiesha Chee |=G16*$H$14 |=G17*$H$14 =G18*H14 2600 1200 18 Chee 1600 1600 Total =SUM(I14:118) Total 19 20 (6) Employer's SUTA Taxes Earnings Subject to Tax (3) Employer's FICA Taxes for Social Security 21 Earnings Subject to Tax 22 Employee 23 Employee Tax Rate Tax Rate Tax Amount Tax Amount 24 Tax Rate 25 Dali Tax Rate Dali 0.062 0.054 =B25*$C$4 |=B26*$C$4 |=B27*$C$4 |=B28*$C$4 |=G25*H24 |=G26*H25 =128400-123600 26 Trey 27 Kiesha =128400-125800 Trey Kiesha =G27*H26 =G28*$H$24 1200 28 Chee 1600 Chee 1600 Total =SUM(D24:D28) |=SUM(124:128) Total 29

K FELCE (7) Each Employee's Net (take - home) Pay Trey Employee Gross Pay Dali Kiesha Chee Total =SUM(L3:03) |=SUM(L4:04) =SUM(L5:05) |=SUM(L6:06) |=SUM(L7:07) =L3-SUM(L4:L7) =M3-SUM(M4:M7) =N3-SUM(N4:N7) =03-SUM(O4:07) =P3-SUM(P4:P7) 2600 5800 1200 1600 Income tax withholding 639 FICA - Social Security =D5 =D15 =110/2 258 =D6 =D16 49 61 =D7 =D17 =110/2 =D8 FICA - Medicare Health Insurance Net Pay =D18 =110/2 =110/2 (8) Employer's total payroll-related expense for each employee Chee Kiesha Employee |Gross Pay FICA - Social Security =D25 FICA - Medicare FUTA SUTA Health Insurance Pension Dali Total Trey =SUM(L13:013) |=SUM(L14:014) |=SUM(L15:015) |=SUM(L16:016) =SUM(L17:017) =SUM(L18:018) =SUM(L19:019) |=SUM(L14:L19) =SUM(M14:M19) =SUM(N14:N19) =SUM(014:019) =SUM(P14:P19) 5800 2600 |1200 1600 |=D26 |=16 =I16 =126 =D27 =17 |=I17 =127 =D28 |=18 =15 =I15 =I18 =125 |=110/2 =L13*8% =128 |=110/2 |=110/2 =N13*8% =110/2 =M13*8% =013*8% Net Pay

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