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Problem 9-4A Payroll expenses, withholdings, and t...

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Problem 9-4A Payroll expenses, withholdings, and taxes L.O. P2, P3 Pardee Co. pays its employees each week. Its employees' gross pay is subject to these taxes. Tax Rate Applied To FICA?Social Security 6.20 % First $106,800 FICA?Medicare 1.45 All gross pay FUTA .80 First $7,000 SUTA 2.15 First $7,000 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 $105,300 $4,000 $500 Trey 36,855 1,474 162 Kiesha 6,670 630 76 Chee 1,067 427 38 In addition to gross pay, the company must pay one-half of the $34 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Required: Compute the following for the week ended August 25. (Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Dahlia Trey Kiesha Chee $ Employee's FICA withholdings for Social Security $ $ $ $ Employee's FICA withholdings for Medicare Employer?s FICA taxes for Social Security Employer?s FICA taxes for Medicare Employer?s FUTA taxes Employer?s SUTA taxes Employee?s net (take-home) pay Employer?s total payroll-related expense for each employee

 

Paper#3170 | Written in 18-Jul-2015

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