Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $110,100 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 0.8% 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 |
Gross Pay
through 8/18 |
Gross Pay |
Income Tax Withholding |
| Dahlia |
|
$ |
108,000 |
|
|
$ |
3,000 |
|
|
$ |
294 |
|
| Trey |
|
|
37,150 |
|
|
|
1,000 |
|
|
|
155 |
|
| Kiesha |
|
|
7,600 |
|
|
|
550 |
|
|
|
49 |
|
| Chee |
|
|
1,550 |
|
|
|
500 |
|
|
|
40 |
|
|
|
In addition to gross pay, the company must pay one-half of the $50 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 9% 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 answers to 2 decimal places.):
|