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Sammy Davis Jr., Inc. pays its employees each week...

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Sammy Davis Jr., Inc. 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 0.80 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 Dale $ 105,300 $ 3,100 $ 388 Ted 36,855 1,474 162 Kate 6,020 1,480 178 Chas 963 385 35 In addition to gross pay, the company must pay one-half of the $22 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Required: Compute the following for the week ended August 25. (Round your intermediate calculations and final answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) DALE TED KATE CHAS 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. Employee?s net (take-home) pay. ______ ______ _____ ______ 8. Employer?s total payroll-related expense for each employee. ______ ______ _____ ______

 

Paper#3172 | Written in 18-Jul-2015

Price : $25
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