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4 value 4.30 points Exercise 9-5 Computing payroll taxes LO P2, P3 BMX Company has one employee, FICA Social Security taxes are 6.20% of the
4 value 4.30 points Exercise 9-5 Computing payroll taxes LO P2, P3 BMX Company has one employee, FICA Social Security taxes are 6.20% of the first $117,000 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.60% and SUTA taxes are 2.90% of the first $7,000 paid to its employee Gross Pay for September $ 2,500 2,600 20,500 Gross Pay through August $ 5,000 15,000 104,000 C. 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.) a) Tax FICA- Social Security FICA-Medicare FUTA SUTA b) Tax FICA Social Security FICA-Medicare FUTA SUTA September Earnings Subject to Tax Tax Rate Tax Amount September Earnings Subject to Tax Tax Rate Tax Amount September Earnin Subject to Tax gs Tax FICA- Social Security FICA-Medicare FUTA SUTA Tax Rate Tax Amount
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