Question
[The following information applies to the questions displayed below.] BMX Company has one employee. For 2020, FICA Social Security taxes are 6.2% of the first
[The following information applies to the questions displayed below.]
BMX Company has one employee. For 2020, FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% of the first $7,000 and SUTA (State Unemployment) taxes are 3% of the first $8,500 paid to each employee.
Gross Pay through
August 31Gross Pay for
Septembera.$6,400$800b.18,2002,100c.132,0008,000
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.)
[The following information applies to the questions displayed below.]
BMX Company has one employee. For 2020, FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% of the first $7,000 and SUTA (State Unemployment) taxes are 3% of the first $8,500 paid to each employee.
Gross Pay through
August 31Gross Pay for
Septembera.$6,400$800b.18,2002,100c.132,0008,000
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.)
Answer is not complete.
a)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICASocial Security
FICAMedicare
FUTA
SUTA
b)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICASocial Security
FICAMedicare
FUTA
SUTA
c)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICASocial Security
FICAMedicare
FUTA
SUTA
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