BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500...
80.2K
Verified Solution
Link Copied!
Question
Accounting
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 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 2.9% of the first $7,000 paid to its employee.
Gross Pay through August
Gross Pay for September
a.
$
5,200
$
2,400
b.
18,900
2,800
c.
112,900
8,700
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 FICA Social Security FICA-Medicare FUTA SUTA b) Tax FICA-Social Security FICA-Medicare FUTA SUTA C) Tax FICA-Social Security FICA-Medicare FUTA SUTA September Earnings Subject to Tax Tax Rate Tax Amount September Earnings Subject to Tax Tax Rate Tax Amount September Earnings Subject to Tax Tax Rate Tax Amount
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
