1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Gnesinka [82]
3 years ago
13

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 Payfor September
A. $5,900
B. 3,400
C.123,500
a. $1,400
b. 3,500
c. 9,400
Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)
September Earnings Subject to Tax Tax Rate Tax Amount
Federal income tax $80.00
FICA—Medicare
FICA—Social Security
Business
1 answer:
marysya [2.9K]3 years ago
6 0

Answer:

            Gross Pay through August 31            Gross Pay for September

A.                  $5,900                                                    $1,400

B.                  $3,400                                                   $3,500

C.              $123,500                                                   $9,400

For A)

Taxes to be withheld from employee:

FICA - Social Security  = $1,400 x 6.2% = $86.80

FICA - Medicare  = $1,400 x 1.45% = $20.30

Taxes to be paid by employer:

FICA - Social Security  = $1,400 x 6.2% = $86.80

FICA - Medicare  = $1,400 x 1.45% = $20.30

FUTA  = ($7,000 - $5,900) x 0.6% = $6.60

SUTA = ($7,000 - $5,900) x 5.4% = $59.40

B)

Taxes to be withheld from employee:

FICA - Social Security  = $3,500 x 6.2% = $217

FICA - Medicare  = $3,500 x 1.45% = $50.75

Taxes to be paid by employer:

FICA - Social Security  = $3,500 x 6.2% = $217

FICA - Medicare  = $3,500 x 1.45% = $50.75

FUTA  = $00 x 0.6% = $21

SUTA = $3,500 x 5.4% = $189

C)

Taxes to be withheld from employee:

FICA - Social Security  = ($128,400 - $123,500) x 6.2% = $303.80

FICA - Medicare  = $9,400 x 1.45% = $136.30

Taxes to be paid by employer:

FICA - Social Security  = ($128,400 - $123,500) x 6.2% = $303.80

FICA - Medicare  = $9,400 x 1.45% = $136.30

FUTA  = $0

SUTA = $0

You might be interested in
The county government has decided to redo the street you live on and plans to block the street off which causes you and your nei
Anastaziya [24]

Answer:

Path A-F-G-H is the critical path

Explanation:

Path A-F-G-H is the longest path on the network with length of 30  days. A path with the longest length is the critical path.

8 0
3 years ago
Brenda conducts brokerage activities and can receive compensation directly from buyers
kykrilka [37]

Answer:

A) Broker

Explanation:

she is a Broker if she recieves compensation directly from either buyers or seller.

moreover, she conducts brokerage activities.

hope it helps .

5 0
3 years ago
Tax return preparers may generally rely on a client's representations without verification unless:
Valentin [98]

Answer:

Tax return preparers may generally rely on a client's representations without verification unless the information seems incorrect, inconsistent, or incomplete, Option A.

Explanation:

A  "tax return preparer" usually relies in good faith without verification upon information furnished by a taxpayer or another advisor or third party. But he has the authority to make inquires in case he feels the information given is incomplete or inconsistent. Also, some of the provisions also require few circumstances or facts to be claimed before deduction is made. So, A tax return preparer should make relevant inquiries to decide if the information given is correct as required by an "Internal Revenue Code" section or a regulation to claim either a deduction or a credit.

4 0
3 years ago
In April, Holderness Inc, a merchandising company, had sales of $251,000, selling expenses of $17,000, and administrative expens
Rainbow [258]

Answer:

The net income is $59,000

Explanation:

Please refer to the attached file for calculation.

3 0
3 years ago
What will you be least likely to be responsible of as part of the accounting team of your organization? A. reconciling accounts
riadik2000 [5.3K]

Accounting is <em>a field that is concerned with the processing, measuring, and communicating of financial information of a company.</em> If you worked in an accounting department, you would most definitely have to reconcile accounts, prepare financial statements, monitor accounting activities, and prepare an investment schedule for the organization.

You will not, however, be expected to (D) develop marketing and advertising strategies. This type of task is usually assigned to the marketing department of a company.  

5 0
3 years ago
Other questions:
  • Depreciation:
    5·1 answer
  • Two of the characteristics of useful information are: a. flexibility and durability. b. clarity and confidentiality. c. redundan
    10·1 answer
  • The music market study conducted by Matthew Salganik, Peter Dodds, and Duncan Watts demonstrated that group influence shapes: a.
    11·1 answer
  • The market value of Yeates Corporation’s common stock had become excessively high. The stock was currently selling for $270 per
    6·1 answer
  • Discuss the role of reverse culture shock in the repatriation process. What can companies do to avoid this problem? What kinds o
    11·1 answer
  • At GetHelp Inc., after customer service representatives complete training, their phone calls are monitored to determine if they
    8·1 answer
  • A county real estate appraiser wants to develop a statistical model to predict the appraised value of houses in a section of the
    10·1 answer
  • BAK Corp. is considering purchasing one of two new diagnostic machines. Either machine would make it possible for the company to
    15·1 answer
  • Positive Messages and the Writing Process
    6·1 answer
  • Management accounting is accounting for effective management. Explain this statement.​
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!