BMX Company has one employee. FICA Social Security taxes are 6.20% of the first

Dec 18th, 2014
Anonymous
Category:
Business Finance
Price: $5 USD

Question description

BMX Company has one employee. FICA Social Security taxes are 6.20% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.80% and SUTA taxes are 2.90% of the first $7,000 paid to its employee.


 

Gross Pay through August

Gross Pay for September

a.

$

 5,900

$

 2,400

b.

 17,700

 3,100

c.

 99,000

 11,100


 

Compute BMX's amounts for each of the above four taxes as applied to the employee’s gross earnings for September under situation (a),(b), and (c). (Round your answers to 2 decimal places.)


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