[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 August 31 $ 6,000 2,000 132,900 Gross Pay for September $ 1,500 2,100 9,500 a. b. с. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September ree separate situations (a), (b), and (c). under eac (Round your answers to 2 decimal places.) a) September Earnings Subject to Tax Таx 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 c) September Earnings Subject to Tax Таx Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA
[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 August 31 $ 6,000 2,000 132,900 Gross Pay for September $ 1,500 2,100 9,500 a. b. с. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September ree separate situations (a), (b), and (c). under eac (Round your answers to 2 decimal places.) a) September Earnings Subject to Tax Таx 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 c) September Earnings Subject to Tax Таx Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA
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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![[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
August 31
$ 6,000
2,000
132,900
Gross Pay for
September
$ 1,500
a.
b.
2,100
с.
9,500
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
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
SUTA
c)
September Earnings
Subject to Tax
Тax
Tax Rate
Tax Amount
FICA-Social Security
FICA-Medicare
FUTA
SUTA](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4f94aca4-b897-4968-b662-ac8976fba7c8%2F7bece813-e431-42ad-a032-e40cb143e597%2Focapait_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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
August 31
$ 6,000
2,000
132,900
Gross Pay for
September
$ 1,500
a.
b.
2,100
с.
9,500
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
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
SUTA
c)
September Earnings
Subject to Tax
Тax
Tax Rate
Tax Amount
FICA-Social Security
FICA-Medicare
FUTA
SUTA
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