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 company's four employees.
| |
Current Week |
| |
|
| Name |
Gross Pay
through Aug. 18 |
Gross Pay |
Income Tax Withholding |
| Dahlia |
|
$ |
116,000 |
|
|
$ |
3,000 |
|
|
$ |
426 |
|
| Trey |
|
|
116,650 |
|
|
|
350 |
|
|
|
56 |
|
| Kiesha |
|
|
9,100 |
|
|
|
650 |
|
|
|
56 |
|
| Chee |
|
|
3,050 |
|
|
|
600 |
|
|
|
45 |
|
In addition to gross pay, the company must pay one-half of the $100 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.):
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