Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete this question please Exercise 9-6 Computing payroll taxes LO P2, P3 BMX Company has one employee. FICA Social Security taxes are 6.20% of the

Complete this question please

image text in transcribed

Exercise 9-6 Computing payroll taxes LO P2, P3 BMX Company has one employee. FICA Social Security taxes are 6.20% of the first S100.800 paid to its employee, and CA 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 S7,000 paid to its employee. Gross Pay for September 2,000 5.800 17.400 3,200 103,000 11,400 Compute BMX's amounts for each of the above four taxes as applied to the employee's gross earnings for September under situation (a), (b), and (c). (R und your answers to 2 decimal places September earnings Tax Amount Tax Rate subject to 124.00 FICA-Social Security S 2,000.00 6.20% S 2,000.00 1.45% 29.00 FICA Medicare FUTA 0.80% SUTA 2.50% September earnings 6.20% S 3,200.00 FICA-Social Security S 198.40 4e 40 FICA Medicare 1.45% 3.200.00 A 0.00 SUTA 000 September earnings Tax Amount Tax Rate ject to FICA-Social Security FICA-Medicare FUTA 0.00 000 SUTA Exercise 9-6 Computing payroll taxes LO P2, P3 BMX Company has one employee. FICA Social Security taxes are 6.20% of the first S100.800 paid to its employee, and CA 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 S7,000 paid to its employee. Gross Pay for September 2,000 5.800 17.400 3,200 103,000 11,400 Compute BMX's amounts for each of the above four taxes as applied to the employee's gross earnings for September under situation (a), (b), and (c). (R und your answers to 2 decimal places September earnings Tax Amount Tax Rate subject to 124.00 FICA-Social Security S 2,000.00 6.20% S 2,000.00 1.45% 29.00 FICA Medicare FUTA 0.80% SUTA 2.50% September earnings 6.20% S 3,200.00 FICA-Social Security S 198.40 4e 40 FICA Medicare 1.45% 3.200.00 A 0.00 SUTA 000 September earnings Tax Amount Tax Rate ject to FICA-Social Security FICA-Medicare FUTA 0.00 000 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_2

Step: 3

blur-text-image_3

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

Auditing Assurance Services And Forensics A Comprehensive Approach

Authors: Felix I. Lessambo

1st Edition

3319905201, 9783319905204

More Books

Students also viewed these Accounting questions

Question

What are the functions of top management?

Answered: 1 week ago

Question

Bring out the limitations of planning.

Answered: 1 week ago

Question

Why should a business be socially responsible?

Answered: 1 week ago

Question

Discuss the general principles of management given by Henri Fayol

Answered: 1 week ago