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BMX Company has one employee. FICA Social Security taxes are 6.20% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45%
BMX Company has one employee. FICA Social Security taxes are 6.20% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.80% and SUTA taxes are 2.90% of the first $7,000 paid to its employee. Gross pay for september (a)-3,200 (b)- 3,100. (C)-11,500. Compute BMX's amounts for each of the above four taxes as applied to the employees gross earnings for September under situation (a),(b), and (c).
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