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Compute BMX's amounts for each of these four taxes. HUP Check m Required information Use the following information for the Exercises below. (Algo) [The following
Compute BMX's amounts for each of these four taxes.
HUP Check m Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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. a. b. c. Gross Pay through August 31 $ 6,700 2,300 131,700 Gross Pay for September $ 400 2,400 8,300 Exercise 9-7 (Algo) 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 Septem under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA Social Security under each of three separate situations (a), (b), and (c). (Round your ecima places. a) Tax September Earnings Subject to Tax Tax Rate 13 Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA ped b) Tax September Earnings Subject to Tax Tax Rate Tax Amount ook FICA-Social Security nt FICA-Medicare int FUTA ences SUTA c) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA Step by Step Solution
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