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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. o so Gross Pay through August 31 $ 6,000 2,750 123,600 Gross Pay for September $1,500 2,850 9,500 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.) a) Tax Tax Rate Tax Amount September Earnings Subject to Tax | $ 1,500.00 1,500.00 $ FICASocial Security FICAMedicare 93.00 6.20% 1.45% 0.60% 21.75 FUTA SUTA b) Tax Tax Rate Tax Amount FICASocial Security September Earnings Subject to Tax 2,850.00 2,850.00 6.20% $ 176.70 41.33 FICA-Medicare 1.45% FUTA SUTA Tax September Earnings Subject to Tax Tax Rate Tax Amount FICASocial Security FICA-Medicare 9,500.00 1.45% 137.75 FUTA 0 SUTA
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