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problem: Find the missing values in the chart provided. The summary information for the payroll period ended December 27, 2008, are available for Cayman Coating Co.:

Gross pay

$53,000

FICA tax withholdings

       ?

Income tax withholdings

7,680

Group hospitalization insurance

960

Employee contributions to pension plan

      ?

Total deductions

14,088

Net pay

      ?

Additional information:

FICA tax rates are 7.65 percent on the first $97,500 of each of the employee's annual earnings and 1.45 percent on any earnings in the excess of $97,500. However, no employees had accumulated earnings for the year in excess of the 97,500 dollar limit. The FICA tax rates are levied against both employers and employees.

The federal and state unemployment compensation tax rates are 0.8% & 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $7,500 of the gross pay amount for the December 27, 2008, pay period was owed to employees who were still under the yearly limit.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M917755

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