am.300. Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICAMedicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTAtaxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the followinginformation for the company's four employees.NameDaliTreyKieshaGross Pay throughAugust 18$ 123,600135, 1009,6003,550Current WeekIncome TaxWithholdingGross Pay$ 5,800$ 63925861492,6001,200Chee1,600In addition to gross pay, the company must pay one-half of the $110 per employee weekly health insurance; each employee pays theremaining one-half. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pensionfund.Required:Compute the following for the week ended August 25.Note: Round your intermediate calculations and final answers to 2 decimal places.1) Employees' FICA Withholdings for Social SecurityEmployeeTax RateEarningsSubject to TaxTax RateTax Amount

Name: am.300. Paloma Company has four employees. FICA Social Security taxes
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Description: am.300. Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICAMedicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are

FICA (Federal Insurance Contributions Act) taxes are social security and Medicare taxes that both…

Answered: Compute the following for the week…

Business

Accounting

Compute the following for the week ended August 25.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 3PB

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