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 FICAMedicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paidto its employee.Gross Pay through Gross Pay forAugust 31September$ 6,000$ 1,5002,0002,100132,9009,500a.b.C. Taxes to beWithheld FromGross PayGeneralJournalThe employee's federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), computethe taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.)Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)September Earnings Tax RateTax AmountSubject to TaxFederal income tax$General Journal >70.00

>An employee’s wage or salary is subject to various deductions as per law. >Hence, various…

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 August 31 September $ 6,000 $ 1,500 2,100 2,000 132,900 9,500 a. b. C.

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 August 31 September $ 6,000 $ 1,500 2,100 2,000 132,900 9,500 a. b. C.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16MC: An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the...

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