Computation of payroll accounting with taxes

Calculate the missing amounts in the chart provided. The following summary data for the payroll period ended December 27, 2008, are available for Cayman Coating Co.:

Gross pay |
$53,000 |

FICA tax withholdings |
? |

Income tax withholdings |
7,680 |

Group hospitalization insurance |
960 |

Employee contributions to pension plan |
? |

Total deductions |
14,088 |

Net pay |
? |

Additional information:

FICA tax rates are 7.65% on the first $97,500 of each of the employee's annual earnings and 1.45% on any earnings in the excess of $97,500. However, no employees had accumulated earnings for the year in excess of the $97,500 limit. The FICA tax rates are levied against both employers and employees.

The federal and state unemployment compensation tax rates are 0.8% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $7,500 of the gross pay amount for the December 27, 2008, pay period was owed to employees who were still under the annual limit.

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