The world’s Largest Sharp Brain Virtual Experts Marketplace Just a click Away
Levels Tought:
Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 431 Weeks Ago, 3 Days Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, its FUTA taxes are 0.8% and SUTA taxes are 2.15% of the first $7,000 paid to each employee. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company%u2019s four employees.
| Current Week | ||||||||||||
| Name | Gross Pay through 8/18 |
Gross Pay | Income Tax Withholding | |||||||||
| Dahlia | $ | 108,500 | $ | 2,500 | $ | 289 | ||||||
| Trey | 36,900 | 950 | 150 | |||||||||
| Kiesha | 7,350 | 500 | 44 | |||||||||
| Chee | 1,300 | 450 | 35 | |||||||||
In addition to gross pay, the company must pay one-half of the $70 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 7% of each employee%u2019s gross pay (at no cost to employees) to a pension fund.
1) Employees FICA withholdings for social security
Employee Earnings Subject to tax Tax Rate Tax Amount
Dahlia 6.20%
Trey
Kiesha
Chee
Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll