1. Each employee's net (Take home) pay | |||||||
Employe | Total Gross pay | Withholdings | Total Withholding | Net Pay | |||
Income tax | FICA | Health | |||||
Social cecurity | Medicare | Insurance | |||||
Dahlia | 2900.00 | 412.00 | 161.20 | 42.05 | 48.00 | 663.25 | 2236.75 |
Trey | 450.00 | 72.00 | 27.90 | 6.53 | 48.00 | 154.43 | 295.58 |
Kiesha | 630.00 | 55.00 | 39.06 | 9.14 | 48.00 | 151.20 | 478.81 |
Chee | 580.00 | 44.00 | 35.96 | 8.41 | 48.00 | 136.37 | 443.63 |
Total | 4560.00 | 583.00 | 264.12 | 66.12 | 192.00 | 1105.24 | 3454.76 |
Working: | |||||
a.Employee FICA withholding for Social Secutiry | |||||
Employee | Employee earnings | Tax rate | Tax | ||
subject to tax | |||||
Dahlia | 2600.00 | 6.20% | 161.20 | ||
Trey | 450.00 | 6.20% | 27.90 | ||
Kiesha | 630.00 | 6.20% | 39.06 | ||
Chee | 580.00 | 6.20% | 35.96 | ||
Total | 4260.00 | 264.12 | |||
Gross Salary upto Aug.25 | |||||
Gross pay | Current | Gross pay | Earnings | Earnings | |
through august 18 | week pay | upto Aug.25 | Limit | Subject to tax | |
Dahlia | 115900 | 2900 | 118800 | 118500 | 2600 |
Trey | 116550 | 450 | 117000 | 118500 | 450 |
Kiesha | 8900 | 630 | 9530 | 118500 | 630 |
Chee | 2850 | 580 | 3430 | 118500 | 580 |
Since Dali is crossing the earnings limit during the curent week, her earnings | |||||
subject to tax will be $2,600. | |||||
b.Employee FICA withholding for Medicare | |||||
Employee | Employee earnings | Tax rate | Tax | ||
subject to tax | |||||
Dahlia | 2900.00 | 1.45% | 42.05 | ||
Trey | 450.00 | 1.45% | 6.53 | ||
Kiesha | 630.00 | 1.45% | 9.14 | ||
Chee | 580.00 | 1.45% | 8.41 | ||
Total | 4560.00 | 66.12 |
Part 2.
Employer's FUTA taxes | |||
Employee | Employee earnings | Tax rate | Tax Amount |
subject to tax | |||
Chee | 580.00 | 0.60% | 3.48 |
Total | 580.00 | 3.48 |
Part 3.
Employer's FUTA taxes | |||
Employee | Employee earnings | Tax rate | Tax Amount |
subject to tax | |||
Chee | 580.00 | 0.60% | 3.48 |
Total | 580.00 | 3.48 |
The company is preparing its payroll calculations for the week ended August 25. Payroll records show...
Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 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 .6% and SUTA taxes are 6.20%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the...
Problem 11-3A Payroll expenses, withholdings, and taxes
LO P2, P3
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...
Problem 11-3A Payroll expenses, withholdings, and taxes LO P2, P3 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...
Please also show how to get figure for earnings subject to
tax
Problem 11-3A Payroll expenses, withholdings, and toxes LO P2, P3 Paloma Co. has four employees, FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and RCA Medicare taxes are 1 45% of gross pay Also, for the first $7000 paid to each employee, the company's FUTA taxes are 06% and SUTA taxes are 215%. The company is preparing its payroll calculations for the...
Problem 9-3a paytoll expenses, withholdings and taxes.
Problem 9-3A Payroll expenses, withholdings, and taxes LO P2, P3 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...
Problem 11-3A Payroll expenses, withholdings, and taxes LO P2, P3 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...
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...
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...
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...
Please answer the whole question.
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...