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Problem 9-3A (Static) Payroll Expenses, Withholdings, and Taxes LO P2, P3
Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first \[tex]$137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Additionally, for the first \$[/tex]7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. 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:
In addition to gross pay, the company must pay two-thirds of the \$60 per employee weekly health insurance; each employee pays the remaining one-third. 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.
Note: Round your intermediate calculations and final answers to 2 decimal places.
Sagot :
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