I need help with B (FUTA and SUTA are incorrect).
a) | |||
Tax | September Earnings Subject to Tax | Tax Rate | Tax Amount |
FICA-Social Security | 800.00 | 6.20% | 49.60 |
FICA-Medicare | 800.00 | 1.45% | 11.60 |
FUTA | 600.00 | 3.10% | 18.60 |
SUTA | 600.00 | 2.90% | 17.40 |
b) | |||
Tax | September Earnings Subject to Tax | Tax Rate | Tax Amount |
FICA-Social Security | 2100.00 | 6.20% | 130.20 |
FICA-Medicare | 2100.00 | 1.45% | 30.45 |
FUTA | 2100.00 | 3.10% | 65.10 |
SUTA | 2100.00 | 2.90% | 60.90 |
c) | |||
Tax | September Earnings Subject to Tax | Tax Rate | Tax Amount |
FICA-Social Security | 6300.00 | 6.20% | 390.60 |
FICA-Medicare | 8000.00 | 1.45% | 116.00 |
FUTA | 0.00 | 3.10% | 0.00 |
SUTA | 0.00 | 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 |
I need help with B (FUTA and SUTA are incorrect). BMX Company has one employee. FICA...
Exercise 9-5 Computing payroll taxes LO P2, P3 BMX Company has one employee. FICA Social Security taxes are 6.20% of the first $117,000 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.60% and SUTA taxes are 2.90% of the first $7,000 paid to its employee. cao Gross Pay through August $ 5,900 17,700 104,000 Gross Pay for September $ 1,700 3,500 20,500 Compute BMX's amounts for each of these...
a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA—Social Security $1,400.00 6.20% $86.80 FICA—Medicare 1,400.00 1.45% 20.30 FUTA 900.00 3.10% 27.90 SUTA 900.00 2.90% 26.10 b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA—Social Security $3,700.00 6.20% $229.40 FICA—Medicare 3,700.00 1.45% 53.65 FUTA 3.10% SUTA 2.90% c) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA—Social Security 6.20% FICA—Medicare 9,600 1.45% 139.20 FUTA 3.10% SUTA 2.90% CH Required information The following information...
BMX Company has one employee, FICA Social Security taxes are 6.2% of the first S 117,000 paid to its employee,and FICA Medicaretaxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first S7.000 paid to its employee. Pay through August a. b. C. S 6,400 18.200 110,700 Gross Pay for Septemberl S 800 2.100 8,000 Compute BMXCs amounts for each of these four taxes as applied to the employee's gross...
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...
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. a. Gross Pay through August $ 5,200 18,900 112,900 Gross Pay for September $ 2,400 2,800 8,700 Compute BMX's amounts for each of these four taxes as applied to the employee's gross...
I need to figure out the September earnings subject to tax for FUTA & SUTA. And also the general journal. 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 $ 5,600 2,550 123,200 Gross Pay for...
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...
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 for September Gross Pay through August 31 $ 6,300 1,700 119,000 a. b. $1,800 3,900 9,800 c. Assuming situation...
The 42 on FUTA is wrong Please correct me and explain your answers. 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 $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....