a) | |||
Tax | September Earnings Subject to Tax | Tax Rate | Tax Amount |
FICA-Social Security | 800 | 6.20% | 49.60 |
FICA-Medicare | 800 | 1.45% | 11.60 |
FUTA | 600 | 3.10% | 18.60 |
SUTA | 600 | 2.90% | 17.40 |
b) | |||
Tax | September Earnings Subject to Tax | Tax Rate | Tax Amount |
FICA-Social Security | 2100 | 6.20% | 130.20 |
FICA-Medicare | 2100 | 1.45% | 30.45 |
FUTA | 2100 | 3.10% | 65.10 |
SUTA | 2100 | 2.90% | 60.90 |
c) | |||
Tax | September Earnings Subject to Tax | Tax Rate | Tax Amount |
FICA-Social Security | 6300 | 6.20% | 390.60 |
FICA-Medicare | 8000 | 1.45% | 116.00 |
FUTA | 0 | 3.10% | 0.00 |
SUTA | 0 | 2.90% | 0.00 |
Note: Earnings taxable for FUTA and SUTA in (a) = 7000-6400 = $600 | |||
Note: Earnings taxable for Social Security in (c) = 127200-120900 = $6300 |
Required information The following information applies to the questions displayed below. BMX Company has one employee....
Required information [The following information applies to the questions displayed below.) BMX Company has one employee, FICA Social Security taxes are 6.2% of the first $127.200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August a. $ 6.400 2.000 120,900 Gross Pay for September $ 800 2,100 8,000 Assuming situation a, prepare...
Required information (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 06% and SUTA taxes are 2.9% of the first $7000 paid to its employee Gross Pay for s 5,300 19,000 113,000 2,9e0 8,800 for each of these four taxes as applied to the employee's gross...
Required information [The following information applies to the questions displayed below.] 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 through August 31 Gross Pay for September a. $ 5,900 $ 1,400 b. 2,700 2,800 c. 123,500 9,400 Compute...
Required information The following information applies to the questions displayed below.) BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September $ $ 6,400 2,000 120.900 800 2. 100 8,000 c. Assuming situation a,...
Required information (The following information applies to the questions displayed below.] 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 through August 31 $ 6,100 2,800 123, 700 Gross Pay for September $1,400 2,900 9,600 a. b. C. Compute...
I need help with B (FUTA and SUTA are incorrect). BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September 31 6,400 2,000 120,900 $ $ 800 2,100 8,000 а. ь. C. Compute BMX's...
The following information applies to the questions displayed below.] 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 through August 31 Gross Pay for September a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 Compute BMX’s amounts...
Required information [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 $7,000 paid to its employee. Gross Pay through August Gross Pay for September a. $5,400 $2,400 b. 19,100 3,000 c. 113,100 8,900 Compute BMX’s amounts for each of these four taxes...
Check my work 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 Gross Pay for ugh AugustSeptember $ 6,400 18,200 112,200 800 2,100 8,000 b. Exercise 9-5 Computing payroll taxes LO P2, P3 Compute BMX's amounts for each of...
Required information [The following information applies to the questions displayed below.) BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay for September Gross Pay through August 31 $ 6,300 1,700 119,000 a. b. $1,800 3,900 9,800 c. Assuming situation...