Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you please help me with this im confused in how go do the tables. please show me how you got the answers. thank you!

can you please help me with this im confused in how go do the tables. please show me how you got the answers. thank you!
image text in transcribed
image text in transcribed
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137700 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 $5,000 2,500 131,900 Gross Pay for September $ 2,100 2,600 8,500 b. 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 (a (Round your answers to 2 decimal places.) Tax Rate Tax Amount September Earings Subject to Tax 2,100.00 Tax FICA-Social Security FICA-Medicare FUTA SUTA 130 20 30.45 2,100.00 6.20% s 1.45% 0.60% 5.40% b) Tax Tax Ratio Tax Amount FICA_Social Security September Earnings Subject to Tax $ 2.600.00 2.600.00 6 20% s 16120 FICA-Medicare 1.45% 3770 FUTA SUTA c) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Cost Accounting

Authors: William Lanen, Shannon Anderson, Michael Maher

4th edition

78025524, 978-0078025525

More Books

Students also viewed these Accounting questions

Question

=+d) Interpret the coefficient of the dummy variable named Q3.

Answered: 1 week ago