Required information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through Gross Pay for September $ 1,500 3,200 9,100 August 31 $ 5,600 3,100 132,500 a. b. c. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) a) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA eI ITA < Prev ... 3 of 5 Next > 4.
Required information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through Gross Pay for September $ 1,500 3,200 9,100 August 31 $ 5,600 3,100 132,500 a. b. c. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) a) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA eI ITA < Prev ... 3 of 5 Next > 4.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 4E
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Question
100%
Compute BMX’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each of three separate situations (a), (b), and (c). Round your answers to 2 decimal places.
Transcribed Image Text:Homework A
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August 31
$ 5,600
3,100
132,500
September
$ 1,500
3,200
9,100
a.
b.
C.
Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three
separate situations (a), (b), and (c). (Round your answers to 2 decimal places.)
a)
September Earnings
Subject to Tax
Tax Rate
Tax Amount
Таx
FICA-Social Security
ok
FICA-Medicare
FUTA
SUTA
nt
b)
September Earnings
Subject to Tax
Таx
Tax Rate
Tax Amount
int
FICA-Social Security
FICA-Medicare
rences
FUTA
SUTA
c)
September Earnings
Subject to Tax
Tax Rate
Tax Amount
Tax
FICA-Social Security
FICA-Medicare
FUTA
SUTA
< Prev
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of 5
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![Required information
[The following information applies to the questions displayed below.]
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA
Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid
to its employee.
Gross Pay through Gross Pay for
September
$ 1,500
3,200
9,100
August 31
$ 5,600
3,100
132,500
a.
b.
C.
Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three
separate situations (a), (b), and (c). (Round your answers to 2 decimal places.)
a)
September Earnings
Subject to Tax
Тах
Tax Rate
Tax Amount
FICA-Social Security
FICA-Medicare
FUTA
SUTA
b)
September Earnings
Subject to Tax
Tax
Tax Rate
Tax Amount
FICA-Social Security
FICA-Medicare
FUTA
SUTA
< Prev
4 5
of 5
Next >
MacBook Air
80
DII
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2$
&
2.
3
4
5
6
7
8
E
R
т
Y
F
G
H.
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Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA
Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid
to its employee.
Gross Pay through Gross Pay for
September
$ 1,500
3,200
9,100
August 31
$ 5,600
3,100
132,500
a.
b.
C.
Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three
separate situations (a), (b), and (c). (Round your answers to 2 decimal places.)
a)
September Earnings
Subject to Tax
Тах
Tax Rate
Tax Amount
FICA-Social Security
FICA-Medicare
FUTA
SUTA
b)
September Earnings
Subject to Tax
Tax
Tax Rate
Tax Amount
FICA-Social Security
FICA-Medicare
FUTA
SUTA
< Prev
4 5
of 5
Next >
MacBook Air
80
DII
%23
2$
&
2.
3
4
5
6
7
8
E
R
т
Y
F
G
H.
K
C
V
M.
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