Question
Required information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first
Required information [The following information applies to the questions displayed below.] 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. b. Gross Pay through August 31 $ 6,700 2,150 122,400 Gross Pay for September $ 400 2,250 8,300 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.) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security S 400.00 6.20% $ 24.80 FICA-Medicare 400.00 1.45% 5.80 FUTA 300.00 0.60% 1.80 SUTA 300.00 5.40% 16.20 b Tax September Earnings Subject to Txx Tax Rate Tax Amount FICA-Social Security 2,250.00 2,250.00 6.20% $ 1.45% 139.50 32.63 FICA-Medicare FUTA SUTA S Tax September Earnings Bubject to T Tax Rate Tex Amount FICA-Social Security FICA-Medicare FUTA GUTA
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