Templin Company pays its employees each week. Its employees? gross pay is subject to these taxes: Tax Rate Applied To FICA ? Social Security 6.20% First $94,200 FICA ? Medicare 1.45% All gross pay FUTA 0.80% First $7,000 SUTA 2.15% First $7,000 The company is preparing its payroll calculations for the week ended August 12. Payroll records show the following information for the company?s four employees: This Week Name Gross Pay - YTD Gross Pay Income Tax Withholding Jasper $56,400 $2,500 $1,040 Matilda 93,400 1,750 350 Homer 16,020 600 100 Gertrude 6,070 1,200 220 In addition to gross pay, the company must pay one-half of the $20 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 6% of each employee?s gross pay (at no cost to employees) to a pension fund. Required Compute the following for the week ended August 12 (round amounts to the nearest cent): 1. Each employee?s FICA withholdings for Social Security. 2. Each employee?s FICA withholdings for Medicare. 3. Employer?s FICA taxes for Social Security. 4. Employer?s FICA taxes for Medicare. 5. Employer?s FUTA taxes. 6. Employer?s SUTA taxes. 7. Each employee?s net (take-home) pay. 8. Employer?s total payroll-related expense for each employee.
Paper#2058 | Written in 18-Jul-2015Price : $25