History Bookmarks People Window Help ml Help pts) G 0 Required information Use t

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History Bookmarks People Window Help ml Help pts) G 0 Required information Use the following information for the Exercises below. following information applies to the questions displayed below] 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 145% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7000 paid 100 ,20 Exercise 9-5 Computing payroll taxes LO P2, P3 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a). (b), and (c). (Round your answers to 2 decimal places.) September Larmings Tax Rate Tax Amount Pre 3 4 5 f Next 813F do 181633 (Draft) G Search or type URL

Explanation / Answer

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 (7000-6400) $600 0.80% $4.80 SUTA $600 2.90% $17.40 b.) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security $2,100 6.20% $130.20 FICA-Medicare $2,100 1.45% $30.45 FUTA $0 SUTA $0 c.) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security (118500-112200) 6300 6.20% $390.60 FICA-Medicare 8000 1.45% $116.00 FUTA 0 SUTA 0 If any doubt please comment

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