Please don't provide image formate a)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 $7,000 paidto its employee.Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of threeseparate situations (a), (b), and (c).Note: Round your answers to 2 decimal places.FUTASUTAb)TaxFICA-Social SecurityFICA-MedicareFUTASUTAb.C.c)TaxGross Pay throughAugust 31$ 6,1002,100133,000FICA-Social SecurityFICA-MedicareFUTASUTAFICA-Social SecurityFICA-MedicareSeptember EarningsSubject to Tax$Gross Pay forSeptember$ 1,4002,2009,600$September EarningsSubject to Tax136.4086.8020.300.000.006931.9013.20118.80September EarningsSubject to Tax0.00139.2000Tax Rate6.20% $1.45%0.60%5.40%Tax RateTax AmountTax Rate6.20% S1.45%0.60%5.40%1.45%5.380.29Tax Amount8.460.460.086.42Tax Amount2.02

FICA stands for Federal Insurance Contributions Act. It is a U.S. payroll tax.These taxes are social…

a) Tax FUTA SUTA b) 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. 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. FICA-Social Security FICA-Medicare a b. c. FUTA SUTA c) Tax Gross Pay through August 31 $ 6,100 2,100 133,000 FICA-Social Security FICA-Medicare FUTA QUTA FICA-Social Security FICA-Medicare September Earnings Subject to Tax $ Gross Pay for September $ 1,400 2,200 9,600 $ September Earnings Subject to Tax 136.40 31.90 13.20 118.80 86.80 20.30 0.00 0.00 $ September Earnings Subject to Tax 0.00 139.20 0 Tax Rate Tax Amount 6.20% $ 1.45% 0.60% 5.40% Tax Rate 6.20% $ 1.45% 0.60% 5.40% Tax Rate 1.45% 5.38 0.29 Tax Amount 8.46 0.46 0.08 6.42 Tax Amount 2.02

a) Tax FUTA SUTA b) 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. 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. FICA-Social Security FICA-Medicare a b. c. FUTA SUTA c) Tax Gross Pay through August 31 $ 6,100 2,100 133,000 FICA-Social Security FICA-Medicare FUTA QUTA FICA-Social Security FICA-Medicare September Earnings Subject to Tax $ Gross Pay for September $ 1,400 2,200 9,600 $ September Earnings Subject to Tax 136.40 31.90 13.20 118.80 86.80 20.30 0.00 0.00 $ September Earnings Subject to Tax 0.00 139.20 0 Tax Rate Tax Amount 6.20% $ 1.45% 0.60% 5.40% Tax Rate 6.20% $ 1.45% 0.60% 5.40% Tax Rate 1.45% 5.38 0.29 Tax Amount 8.46 0.46 0.08 6.42 Tax Amount 2.02

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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