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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

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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calculate A.B & C

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: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
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
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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