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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. Gross Pay through August 31 $ 5,500 2,500 123, 100 a. b. c. Gross Pay for September $2,300 2,600 9,000 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. Leave no cells blank.) X Answer is complete but not entirely correct. a) Tax Tax Rate September Earnings Subject to Tax $ 2,300.00 Tax Amount 6.20% $ 142.60 FICA-Social Security FICAMedicare 2,300.00 1.45% 33.35 FUTA 1,500.00 0.60% 9.00 SUTA 1,500.00 5.40% 81.00 b) Tax Tax Rate September Earnings Subject to Tax $ 2,600.00 Tax Amount 6.20% $ 161.20 FICASocial Security FICA-Medicare 2,600.00 1.45% 37.70 FUTA 4,500.00 X 0.60% 27.00 SUTA 4,500.00 5.40% 243.00 c) Tax September Earnings Subject to Tax Tax Rate Tax Amount $ 5,300 6.20% $ 328.60 FICA-Social Security FICA-Medicare 9,000 1.45% 130.50 FUTA 0 0.60% SUTA 0 5.40% Complete this question by entering your answers in the tabs below. Employee Paid Taxes General Journal Assuming situation a, calculate the employee-paid taxes. The employee's federal income taxes withheld by the employer are $80 for this pay period. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Tax Rate Tax Amount Subject to Tax Federal income tax $ 80.00
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