Required information Use the following information for the Exercises below. (Algo) [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. Gross Pay through August 31 $ 6,300 2,600 133,200 Gross Pay for September $1,800 2,700 9,800
Required information Use the following information for the Exercises below. (Algo) [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. Gross Pay through August 31 $ 6,300 2,600 133,200 Gross Pay for September $1,800 2,700 9,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
calculate A.B & C
Transcribed Image Text:Required information
Use the following information for the Exercises below. (Algo)
[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.
OFF
Gross Pay through
August 31
$ 6,300
2,600
133,200
Gross Pay for
September
$1,800
2,700
9,800
Transcribed Image Text:a)
Tax
FICA-Social Security
FICA-Medicare
FUTA
SUTA
b)
Tax
FICA-Social Security
FICA-Medicare
FUTA
SUTA
September Earnings
Subject to Tax
September Earnings
Subject to Tax
Tax Rate
Tax Rate
Tax Amount
Tax Amount
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