cises & Problems i Saved [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. a. b. C. Gross Pay through August 31 $ 6,600 2,200 131,600 Gross Pay for September $ 500 2,300 8,200 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of thre separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA Social Security FICA Medicare FUTA SUTA b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA Social Security FICA Medicare FUTA SUTA 5 < Prev 2 3 4 of 5 Next >
cises & Problems i Saved [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. a. b. C. Gross Pay through August 31 $ 6,600 2,200 131,600 Gross Pay for September $ 500 2,300 8,200 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of thre separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA Social Security FICA Medicare FUTA SUTA b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA Social Security FICA Medicare FUTA SUTA 5 < Prev 2 3 4 of 5 Next >
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1CP
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