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Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social
Use the following information for the Exercises below. (Static) [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. Gross Pay through August 31 Gross Pay for September $ 6,400 $ 800 2,000 2,100 131,400 8,000 b 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 $ 500.00 FICASocial Security 6.20% $ 31.00 FICA-Medicare 500.00 1.45% 7.25 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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