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. a. b. C. Gross Pay through August 31 $ 5,200 2,700 132,100 Gross Pay for September $ 2,400 2,800 8,700
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. a. b. C. Gross Pay through August 31 $ 5,200 2,700 132,100 Gross Pay for September $ 2,400 2,800 8,700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please do not give image format
![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.
a.
b.
C.
Gross Pay through Gross Pay for
August 31
$ 5,200
2,700
132,100
September
$ 2,400
2,800
8,700](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3c134ff-b7ac-4f59-841d-6bdd50fc3944%2F87ff1c84-3425-4758-93ab-d16442f1aff0%2F9ijubcj_processed.jpeg&w=3840&q=75)
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.
a.
b.
C.
Gross Pay through Gross Pay for
August 31
$ 5,200
2,700
132,100
September
$ 2,400
2,800
8,700
Transcribed Image Text:Exercise 9-7 (Algo) 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).
Note: Round your answers to 2 decimal places.
a)
Tax
FICA-Social Security
FICA-Medicare
FUTA
SUTA
Show Transcribed Text
b)
Tax
FICA-Social Security
FICA-Medicare
FUTA
SUTA
September Earnings
Subject to Tax
Tax
FICA-Social Security
FICA-Medicare
FUTA
SUTA
Tax Rate
Tax Amount
September Earnings
Subject to Tax
September Earnings
Subject to Tax
Tax Rate
Tax Rate
Tax Amount
Tax Amount
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