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Log In to Canvas MyEagle 9 Ex 9-5, 6, 7i 1 Required information 1 of 3 Use the following information for the Exercises below. [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 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. Gross Pay through Gross Pay for September $1,700 3,050 9,900 August 31 $ 6,400 2,950 124,000 Book а. b. C. Hint Print Exercise 9-5 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 three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) ferences a) September Earnings Subject to Tax Tax Amount Tax Rate Tax FICA-Social Security FICA-Medicare FUTA SUTA September Earnings Subject to Tax Tax Rate Tax Amount Tax FICA-Social Security FICA-Medicare FUTA SUTA c) September Earnings Subject to Tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA

Log In to Canvas MyEagle 9 Ex 9-5, 6, 7i 1 Required information 1 of 3 Use the following information for the Exercises below. [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 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. Gross Pay through Gross Pay for September $1,700 3,050 9,900 August 31 $ 6,400 2,950 124,000 Book а. b. C. Hint Print Exercise 9-5 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 three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) ferences a) September Earnings Subject to Tax Tax Amount Tax Rate Tax FICA-Social Security FICA-Medicare FUTA SUTA September Earnings Subject to Tax Tax Rate Tax Amount Tax FICA-Social Security FICA-Medicare FUTA SUTA c) September Earnings Subject to Tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA

FINANCIAL ACCOUNTING
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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Log In to Canvas MyEagle 9 Ex 9-5, 6, 7i 1 Required information 1 of 3 Use the following information for the Exercises below. [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 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. Gross Pay through Gross Pay for September $1,700 3,050 9,900 August 31 $ 6,400 2,950 124,000 Book а. b. C. Hint Print Exercise 9-5 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 three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) ferences a) September Earnings Subject to Tax Tax Amount Tax Rate Tax FICA-Social Security FICA-Medicare FUTA SUTA September Earnings Subject to Tax Tax Rate Tax Amount Tax FICA-Social Security FICA-Medicare FUTA SUTA c) September Earnings Subject to Tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA
Transcribed Image Text:Log In to Canvas MyEagle 9 Ex 9-5, 6, 7i 1 Required information 1 of 3 Use the following information for the Exercises below. [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 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. Gross Pay through Gross Pay for September $1,700 3,050 9,900 August 31 $ 6,400 2,950 124,000 Book а. b. C. Hint Print Exercise 9-5 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 three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) ferences a) September Earnings Subject to Tax Tax Amount Tax Rate Tax FICA-Social Security FICA-Medicare FUTA SUTA September Earnings Subject to Tax Tax Rate Tax Amount Tax FICA-Social Security FICA-Medicare FUTA SUTA c) September Earnings Subject to Tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA
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