Solution-Discuss the company must pay one-half of the per

Discuss the company must pay one-half of the per employee

Assignment Help Accounting Basics

Reference no: EM131781628

Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are .6% and SUTA taxes are 6.20%. 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 Aug. 18				Gross Pay			Income Tax Withholding
Dahlia		$	116,000			$	3,000		$	426
Trey			116,650				350			56
Kiesha			9,100				650			56
Chee			3,050				600			45

In addition to gross pay, the company must pay one-half of the $100 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.):

Ignore number inputs in screenshots couldn't delete them from my previous attempt at solving the problem

Reference no: EM131781628

Questions Cloud

The tax consequences of transactions based on relationships : Discuss two provisions that would alter the tax consequences of transactions based on relationships

Cross-training three or four roughly comparable positions : How you would implement a program for cross-training three or four roughly comparable positions?

Predict percent of us population with internet connections : Modeling internet users the following table gives the percent of the U.S. population with Internet connections for selected years from 2000 to 2008.

Training program or appropriate for health care environment : Describe a training program or activity, appropriate for a health care environment, that would increase employee satisfaction.

Discuss the company must pay one-half of the per employee : the company must pay one-half of the $100 per employee weekly health insurance

Do the significant amount of mistakes occurring in profiling : Do the significant amount of mistakes occurring in profiling, and the diversion of valuable resources during the course of the investigation due

Define project planning in context of the pmo : Define project planning in context of the PMO. Describe the primary rationale for PMO project planning.

Calculate the weighted average cost of capital : Use the book weights from this balance sheet to calculate the weighted average cost of capital if the firm has a cost of equity of 12%.

Compute the equivalent units of production : A manufacturing company produces a single product in a single processing department. Compute the equivalent units of production (EUP) for materials

User Account

All Pages

Discuss the company must pay one-half of the per employee

Reference no: EM131781628

Reference no: EM131781628

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT