Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following information for the Exercises below. (The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security
Use the following information for the Exercises below. (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 $ 6,600 2,100 122, 300 a. b. c. Gross Pay for September $ 500 2,200 8,200 Exercise 9-5 Computing payroll taxes LO P2, P3 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 (9). (Round your answers to 2 decimal places.) a) Tax September Earnings Subiect to Tax Tax Rate Tax Amount FICA-Social Security FICAMedicare FUTA SUTA Tax September Earnings Subject to Tax Tax Rate Tax Amount FICASocial Security FICAMedicare FUTA SUTA September Earnings Subiect to Tax Tax Rate Tax Amount Tax FICASocial Security FICAMedicare FUTA SUTA
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started