The following information applies to the questions displayed below.) A company has one employee. FICA...

80.2K

Verified Solution

Question

Accounting

image
image
The following information applies to the questions displayed below.) A 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 the company, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee Gross Pay through Gross Pay for August 31 September $ 6,400 $1,700 2,950 3,050 124,000 9,900 . b. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each separate situations (a), (b), and (c. (Round your answers to 2 decimal places.) 1) Thx Tax Rate Tax Amount September Earnings Subject to Tox $ 1.700.00 FICA Social Security 6.20% $ 105.40 FICA Medicare 1.45% 24,65 FUTA 1 700,00 600.00 600.00 0.60% SUTA bi 3.60 32.40 5.40% 1.45% 24.65 FICA-Medicare 1,700.00 600.00 0.60% 3.60 FUTA 600.00 5.40% 32.40 SUTA Tax Tax Rate Tax Amount September Earnings Subject to Tax 3,050.00 FICA Social Security 6.20% $ 189.10 FICA-Medicare 3,050.00 1.45% 44.23 FUTA 3,050.00 0.60% 18.30 SUTA 3,050.00 5.40% 164.70 c) Tax Tax Rate Tax Amount September Earnings Subject to Tax 4,400.00 FICA-Social Security 6.20% $ 272.80 FICA-Medicare 9,900.00 1.45% 143.55 FUTA SUTA

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students