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    Payroll Tax Calculations

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    Given Data P11-04A:

    PALOMA CO.

    Tax Rate Applied to
    FICA-Social Security 6.20% First $94,200
    FICA-Medicare 1.45% Gross pay
    FUTA 0.80% First 7,000
    SUTA 2.15% First 7,000

    Gross
    Pay Current Week
    through Gross WH
    Name 8/18 Pay Tax
    Dahlia $93,400 $2,800 $284
    Trey 31,700 1,000 145
    Kiesha 6,850 550 39
    Chee 1,250 500 30

    Weekly health insurance premium $34
    Percentage of gross earnings contributed
    by employer to pension fund 8%

    Check figures:
    (3) $176.70
    (4) 70.33
    (5) 5.20
    (7) Total net pay 4,036.97

    © BrainMass Inc. brainmass.com October 9, 2019, 10:20 pm ad1c9bdddf
    https://brainmass.com/business/accounting/217090

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    Solution Preview

    Attached is the spreadsheet in complete form. The difficulty is that there is some sort of discrepancy between the amount shown as the weekly deduction for health insurance and the amount deducted according to the set up of the problem. If the problem set up is correct the weekly deduction for health insurance is $17 and not $34. That sort of discrepancy can be time consuming.

    As for the rest of the problem the excel worksheet is set up so that the student merely inputs the data where it belongs.

    The first key piece of information needed to transition from ...

    Solution Summary

    This solution is an Excel Spreadsheet with calculations of payroll taxes and deductions to net pay.

    $2.19