Payroll expenses, withholdings, and taxes LO2 LO3 Fishing Guides Co. pays its employees...

Payroll expenses, withholdings, and taxes LO2 LO3

Fishing Guides Co. pays its employees each week. Employees’ gross pay is subject to these taxes.

The company is preparing its payroll calculations for the week ended September 30. Payroll records show the following information for the company’s four employees.

In addition to gross pay, each employee must pay one-half of the $40 per employee weekly health insurance premium. Ahmed contributes 5% of his weekly gross pay to a retirement plan. Carlos contributes $15 per week to charity. Jun pays $5 per week in union dues.

Required

Compute the following for the week ended September 30 (round amounts to the nearest cent):

1. Each employee’s FICA withholdings for Social Security.

2. Each employee’s FICA withholdings for Medicare.

3. Each employee’s health insurance premium deduction.

4. Each employee’s other voluntary deductions.

5. Each employee’s net (take-home) pay