# I have been stuck on this problem for a few days. Paloma Co.Has four emplyees.FICA Social Security taxes are 6.2% of the fir\$st \$118,500 paid to each emplyee,and FICA Medicare taxes are 1.45% of gross pay. Also,for the first \$7,000 paid to each emplyee the comapny FUTA taxes are 0.6% and SUTA taxes are 2.15%. The company is preparing its payroll calcualtions for the week ened August 25. Payroll records show the following information for the company foy employees.Name    Gross pay through Aug 18    Gross Pay       Income Tax WitDali      \$115,550                                   \$3,100               \$440Trey    116,200                                         2,300                   371Kiesha  8,200                                            560                      49Chee   2,150                                                510                       38 In addition to gross pay,the company must pay one-hald of the \$82 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each empliyee's gross pay (at no cost employees) to a pension fund.Required:Compute the following for the week ended august 251.) Employees' FICA witholding for social security tax rate 6.20%2.) Employees' FICA witholding for medicare tax rate 1.45%3.)Emploeyr's FICA Taxex for Social Security tax rate 6.20%4.) Employers FICA Taxes for Medicare tax rate 1.45%5.) Employer's FUTA Taxes 0.60%6.) Employers SUTA Taxes tax rate 2.15%

Question

I have been stuck on this problem for a few days.

Paloma Co.Has four emplyees.FICA Social Security taxes are 6.2% of the fir\$st \$118,500 paid to each emplyee,and FICA Medicare taxes are 1.45% of gross pay. Also,for the first \$7,000 paid to each emplyee the comapny FUTA taxes are 0.6% and SUTA taxes are 2.15%. The company is preparing its payroll calcualtions for the week ened August 25. Payroll records show the following information for the company foy employees.

Name    Gross pay through Aug 18    Gross Pay       Income Tax Wit

Dali      \$115,550                                   \$3,100               \$440

Trey    116,200                                         2,300                   371

Kiesha  8,200                                            560                      49

Chee   2,150                                                510                       38

In addition to gross pay,the company must pay one-hald of the \$82 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each empliyee's gross pay (at no cost employees) to a pension fund.

Required:

Compute the following for the week ended august 25

1.) Employees' FICA witholding for social security tax rate 6.20%

2.) Employees' FICA witholding for medicare tax rate 1.45%

3.)Emploeyr's FICA Taxex for Social Security tax rate 6.20%

4.) Employers FICA Taxes for Medicare tax rate 1.45%

5.) Employer's FUTA Taxes 0.60%

6.) Employers SUTA Taxes tax rate 2.15%

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Step 2
1. Calculation of Employee’s FICA withholding for social security tax rate is 6.20%.
Step 3

2. Calculation of Employee’s FICA withh...

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