BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid...
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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 $ 6,300 2,600 133,200 Gross Pay for September $ 1,800 a. b. 2,700 C. 9,800 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) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security 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 $ 6,300 2,600 133,200 Gross Pay for September $ 1,800 a. b. 2,700 C. 9,800 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) September Earnings Subject to Tax Тax Tax Rate Tax Amount FICA-Social Security
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1 a Tax September earnings to tax Tax rate Tax amount FICA Social Security 1800 62 1116 FICA Medicar... View the full answer
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