Question #7800147

Accounting!FUTA, SUTA taxes i need a help ! MASTER! ~!!~!~!~!~?

Legal Stars has four employees. FICA Social Security taxes are 6.20% of the first $106,800 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, its FUTA taxes are 0.80% 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’s four employees. Gross pay8/18 Current week gross pay income tax withholding Dale $105,300 $ 4,000 $500 Ted $ 36,855 $1,474 $162 Kate $5,980 $1920 $230 Chas $957 $383 $34 In addition to gross pay, the company must pay one-half of the $26 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. Complete the following for the week of august 25. (round amounts to the nearest cent) 1. Each employees FICA withholdings for social security 2. Each employees FICA withholdings for medicare 3. Each employer’s FICA taxes for social security 4. Each employer’s FICA taxes for medicare 5. Each employer’s FUTA taxes 6. Each employer’s SUTA taxes 7. Each employee’s net (take-home) pay 8. Total payroll related expense for each employee

2013-06-25 23:53:31

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