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 August 31					Gross Pay for September
a.		$	5,800				$	1,400
b.			2,650					2,750
c.			123,400					9,300

Exercise 11-5 Computing payroll taxes LO P2, P3

Compute BMXs amounts for each of these four taxes as applied to the employees gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.)

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 August 31 5,800 2,650 123,400 Gross Pay for September $1,400 2,750 9,300 Part 1 of 3 a. b. c. 8.33 points X 04:12:34 Exercise 11-5 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.) eBook Hint a) September Earnings Subject to Tax 1,400.00 | Tax Rate Tax Amount 6.20% $ FICA-Social Security 2$ 86.80 Print FICA-Medicare 1,400.00 1.45% 20.30 FUTA 0.60% References SUTA 5.40% b) September Earnings Subject to Tax 2,750.00 Tax Tax Rate Tax Amount FICA-Social Security 6.20% $ 170.50 2,750.00 FICA-Medicare 1.45% 39.88 2,750.00 16.50 FUTA 0.60% SUTA 2,750.00 5.40% 148.50 c) September Earnings Subject to Tax Tax Amount Tax Tax Rate FICA-Social Security 9,300.00 FICA-Medicare 1.45% 134.85 ELUTA Required information 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) September Earnings Subject to Tax Tax Tax Rate Tax Amount 6.20% $ FICA-Social Security 1,400.00 86.80 FICA-Medicare 1.45% 20.30 1,400.00 FUTA 0.60% SUTA 5.40% b) September Earnings Subject to Tax Tax Tax Rate Tax Amount FICA-Social Security 6.20% $ 2,750.00 170.50 2,750.00 FICA-Medicare 1.45% 39.88 FUTA 2,750.00 0.60% 16.50 148.50 SUTA 2,750.00 5.40% c) September Earnings Subject to Tax Tax Tax Rate Tax Amount FICA-Social Security 9,300.00 1.45% 134.85 FICA-Medicare FUTA SUTA