Homework Answers
20a.
| Gross pay through July 31st | Salary for August | FICA-SS Wages | FICA-ME Taxable Wages | FUTA and SUTA Wages | |
| Grumpy | 129700 | 9500 | 3200 | 9500 | 0 |
FICA-SS Wages = $132900 - $129700 = $3200
20b.
| Grumpy | |
| FICA Social Security (6.2% x $3200) | 198.40 |
| FICA Medicare (1.45% x $9500) | 137.75 |
| FUTA | 0 |
| SUTA | 0 |
| Total | 336.15 |
20c.
| Grumpy | |
| Gross salary | 9500 |
| Withholdings: | |
| FICA Social Security | 198.4 |
| FICA Medicare | 137.75 |
| Federal Income Tax (FITW) (22% x $9500) | 2090 |
| State Income Tax (SITW) (6% x $9500) | 570 |
| Total withholdings | 2996.15 |
| Net Paycheck | 6503.85 |
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BMX Company has one employee. FICA Social Security taxes are6.2% of the first $128,400 paid...
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
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separate situations (a), (b),...
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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 throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to
the employee’s gross earnings for September under each of three
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