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Business, 15.10.2020 14:01 brainy51

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. $5,100 $2,200
b. 2,300 2,400
c. 122,700 8,600

Required:
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).

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Answers: 3

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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its...
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