Use the following information for the Exercises below. (Algo) 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 pald 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 pald to Its employee. Gross Pay through Gross Pay for September $1,500 2,100 9,500 August 31 $ 6,008 2,000 132,980 a. b. C. Exercise 9-7 (Algo) Computing payroll taxes LO P2, P3 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 (9. (Round your answers to 2 decimal places.) September Earnings Subject to Tax Tax 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 Tax Tax Rate Tax Amount FICA Social Security FICA Medicare FUTA SUTA
Use the following information for the Exercises below. (Algo) 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 pald 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 pald to Its employee. Gross Pay through Gross Pay for September $1,500 2,100 9,500 August 31 $ 6,008 2,000 132,980 a. b. C. Exercise 9-7 (Algo) Computing payroll taxes LO P2, P3 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 (9. (Round your answers to 2 decimal places.) September Earnings Subject to Tax Tax 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 Tax Tax Rate Tax Amount FICA Social Security FICA Medicare FUTA SUTA
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 14EB: In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You...
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