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 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3648e63c-5f72-43ae-9547-3b45613e4e55%2F9548acfd-e9c5-43d3-a700-19db7dd5872c%2F30xda5u_processed.png&w=3840&q=75)
Transcribed Image Text: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 >
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