N1. TaxBMX 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 $7,000 paidto its employee.8.b.C.Exercise 9-7 (Static) Computing payroll taxes LO P2, P3Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of threeseparate situations (a), (b), and (c).Note: Round your answers to 2 decimal places.FUTASUTAb)TaxGross Pay through Gross Pay forAugust 31$ 6,400September$ 8002,0002,1008,000131,400FICA-Social SecurityFICA-MedicareSeptember EarningsSubject to TaxSeptember EarningsSubject to TaxTax RateTax RateTax AmountTax Amount a)TaxFICA-Social SecurityFICA-MedicareFUTASUTAb)TaxFICA-Social SecurityFICA-MedicareFUTASUTAc)TaxFICA-Social SecurityFICA-MedicareFUTASUTASeptember EarningsSubject to TaxSeptember EarningsSubject to TaxSeptember EarningsSubject to TaxTax RateTax RateTax RateTax AmountTax AmountTax Amount

The gross earnings is earning without any deduction. It is revenue less cost of goods sold.Tax…

(a) Tax 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. FUTA SUTA b) 3. b. THE Gross Pay through August 31 $ 6,400 Exercise 9-7 (Static) 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 t separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. 2,000 131,400 FICA-Social Security FICA-Medicare Gross Pay for September $ 800 2,100 8,000 September Earnings Subject to Tax September Earnings +Tax Rate Tax Rats Tax Amount

(a) Tax 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. FUTA SUTA b) 3. b. THE Gross Pay through August 31 $ 6,400 Exercise 9-7 (Static) 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 t separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. 2,000 131,400 FICA-Social Security FICA-Medicare Gross Pay for September $ 800 2,100 8,000 September Earnings Subject to Tax September Earnings +Tax Rate Tax Rats Tax Amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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