Required Information The following Information applies to the questions displaye
ID: 2577623 • Letter: R
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Required Information The following Information applies to the questions displayed below BMX Company has one employee. FICA Social Security taxeG 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 29% of the first $7,000 pad to its employee. Gross Pay for Gross Pay through August S 5,38e $2,608 2,989 8,869 19,899 113,890 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three geparate sltuations (a). (b), and (C). (Round your answers to 2 decimal places.) Earnings Tax Rate t to Tax Tax Amount FICA-Social Security $ 6.20%) 1.45% 0.50% 2.90% 2,600.00 $ 161 20 2600.00 37.70 FUTA SUTA Earnings Tax Rate t to Tax Tax Amount FICA Social Security FUTA SUTA Earnings Tax Rate t to Tax Tax Amount FICA Social Security FUTA SUTAExplanation / Answer
a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security $ 2,600.00 6.20% $ 161.20 FICA-Medicare $ 2,600.00 1.45% $ 37.70 FUTA $ 1,700.00 0.60% $ 10.20 SUTA $ 1,700.00 2.90% $ 49.30 b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security $ 2,900.00 6.20% $ 179.80 FICA-Medicare $ 2,900.00 1.45% $ 42.05 FUTA $ - 0.60% $ - SUTA $ - 2.90% $ - c) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security $ 5,500.00 6.20% $ 341.00 FICA-Medicare $ 5,500.00 1.45% $ 79.75 FUTA $ - 0.60% $ - SUTA $ - 2.90% $ -
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