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a) Tax FUTA SUTA b) Tax 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.) 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. FICA-Social Security FICA-Medicare FUTA SUTA a. b. C. c) Tax Gross Pay through August 31 $ 6,400 2,700 133,300 FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare September Earnings Subject to Tax 1,600.00 1,600.00 800.00 800.00 $ Gross Pay for September $ 1,700 2,800 9,900 September Earnings Subject to Tax 2,700.00 2,700.00 2,700.00 27,000.00 $ September Earnings Subject to Tax 4,700.00 9,600.00 $ 0 0 Tax Rate 6.20% 1.45% 0.60% 5.40% Tax Rate Tax Rate Tax Amount $ 6.20% $ 1.45% 0.60% 5.40% 6.20% 1.45% Tax Amount 99.20 23.20 4.80 43.20 $ 167.40 39.15 16.20 1,458.00 Tax Amount 291.40 139.20

a) Tax FUTA SUTA b) Tax 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.) 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. FICA-Social Security FICA-Medicare FUTA SUTA a. b. C. c) Tax Gross Pay through August 31 $ 6,400 2,700 133,300 FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare September Earnings Subject to Tax 1,600.00 1,600.00 800.00 800.00 $ Gross Pay for September $ 1,700 2,800 9,900 September Earnings Subject to Tax 2,700.00 2,700.00 2,700.00 27,000.00 $ September Earnings Subject to Tax 4,700.00 9,600.00 $ 0 0 Tax Rate 6.20% 1.45% 0.60% 5.40% Tax Rate Tax Rate Tax Amount $ 6.20% $ 1.45% 0.60% 5.40% 6.20% 1.45% Tax Amount 99.20 23.20 4.80 43.20 $ 167.40 39.15 16.20 1,458.00 Tax Amount 291.40 139.20

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter12: Preparing Payroll Records
Section: Chapter Questions
Problem 2AP
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a) Tax FUTA SUTA b) Tax 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.) 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. FICA-Social Security FICA-Medicare FUTA SUTA a. b. C. c) Tax Gross Pay through August 31 $ 6,400 2,700 133,300 FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare September Earnings Subject to Tax 1,600.00 1,600.00 800.00 800.00 $ Gross Pay for September $ 1,700 2,800 9,900 September Earnings Subject to Tax 2,700.00 2,700.00 2,700.00 27,000.00 $ September Earnings Subject to Tax 4,700.00 9,600.00 $ 0 0 Tax Rate 6.20% 1.45% 0.60% 5.40% Tax Rate Tax Rate Tax Amount 6.20% 1.45% $ 6.20% $ 1.45% 0.60% 5.40% 99.20 23.20 4.80 43.20 Tax Amount 167.40 39.15 16.20 1,458.00 Tax Amount $ 291.40 139.20
Transcribed Image Text:a) Tax FUTA SUTA b) Tax 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.) 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. FICA-Social Security FICA-Medicare FUTA SUTA a. b. C. c) Tax Gross Pay through August 31 $ 6,400 2,700 133,300 FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare September Earnings Subject to Tax 1,600.00 1,600.00 800.00 800.00 $ Gross Pay for September $ 1,700 2,800 9,900 September Earnings Subject to Tax 2,700.00 2,700.00 2,700.00 27,000.00 $ September Earnings Subject to Tax 4,700.00 9,600.00 $ 0 0 Tax Rate 6.20% 1.45% 0.60% 5.40% Tax Rate Tax Rate Tax Amount 6.20% 1.45% $ 6.20% $ 1.45% 0.60% 5.40% 99.20 23.20 4.80 43.20 Tax Amount 167.40 39.15 16.20 1,458.00 Tax Amount $ 291.40 139.20
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