Question: Required information Use the following information for the Exercises below. The following information applies to the questions displayed below. BMX Company has one employee. FICA


Required information 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 $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 $7000 paid to its employee. Gross Pay through August $ 6,500 Gross Pay for September $ 1,900 a. b. C. 4,100 20,200 114,200 10,000 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 (c). (Round your answers to 2 decimal places.) a) September Earnings Subject to Tax Tax Tax Rate Tax Amount 6.20% 1.45% 0.60% 2.90% $ 117.80 FICA Social Security FICA-Medicare FUTA SUTA b) Tax 1,900.00 1,900.00 27.55 September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA c) Tax FICA-Social Security FICA-Medicare FUTA SUTA September Earnings Subiect to Tax Tax Rate Tax Amount
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