Compute bmx amounts for each of these four taxes

Assignment Help Accounting Basics
Reference no: EM131606593

Problem - BMX 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 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 2.9% of the first $7,000 paid to its employee.

 

Gross Pay through August

Gross Pay for September

a.

$6,500

$1,900

b.

20,200

4,100

c.

114,200

10,000

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).

Reference no: EM131606593

Questions Cloud

Remove everything to the right of decimal place in oracle : How do you round a number to a specific number of decimal places in Oracle, Access, and SQL Server?
Prepare march journal entry to record march payroll taxes : Merger Co. has 10 employees, each of whom earns $1,500 per month and has been employed since January 1. Prepare the March 31 journal entry to record
What is the geometric average rate of return earned : What is geometric average rate of return earned by investing in Caswell's stock over this period? How many years will it take to pay off the loan?
Analysis of the character you are playing : accompanting each performance assignment, a paper will be assigned. it will include a concise, yet in-depth analysis of the character you are playing
Compute bmx amounts for each of these four taxes : Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September
How would you find the number of days between two dates : How do you add months to a date in Oracle, Access, and SQL Server? How do you add days to a date?
What is the collection float for excel precision : What is the collection float for Excel Precision Inc.?
Define way american companies are doing business : Describe how globalization has changed the way American companies are doing business
Choose 2 different vulnerable and underserved populations : Describe their health needs, and summarize the major challenges they face. Next, what are the racial/ethnic minority categories in the United States?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Aspects of culture that impact leadership behaviors

Determine the key aspects of culture that impact leadership behaviors, attributes, and other cross-cultural organizational practices that are generally accepted and effective. Provide a rationale for your response.

  Refer to the original data the company is considering

shirts unlimited operates a chain of shirt stores that carry many styles of shirts that are all sold at the same price.

  Corporation issues a 1000000 three-year noninterest

corporation issues a 1000000 three-year noninterest bearing note how much cash will it receive if the interest rate is

  Nemani corporation is projecting a cash balance of 41785 in

nemani corporation is projecting a cash balance of 41785 in its december 31 2013 balance sheet. nemani schedule of

  If the number of new hires is considered the cost driver

at the todd company the cost of the personnel department has always been charged to production departments based upon

  How much was edwards electronics net operating cash flow

The company had no amortization charges, it had $3,150 of bonds that carry a 5.25% interest rate, and its federal-plus-state income tax rate was 35%. How much was Edwards Electronics net operating cash flow?

  Morales company recorded the following selected transactions

Morales Company recorded the following selected transactions during November 2013.

  The amount of overhead applied to the product exceeds the

the amount of overhead applied to the product exceeds the amount incurred is the difference called underapplied

  Effect of preferred stock dividends

What guidance does the SEC provide for public companies with respect to the reporting of the "effect of preferred stock dividends and accretion of carrying amount of preferred stock on earning per share?

  Assume the new plant is built and that next year the

northwood company manufactures basketballs. the company has a ball that sells for 42. at present the ball is

  Furniture inc specializes in the production of futons it

furniture inc specializes in the production of futons. it uses standard costing and flexible budgets to account for the

  Pib partnership is owned 20 by shore 40 by steve and 40 by

pib partnership is owned 20 by shore 40 by steve and 40 by thann. burnham inc. is owned 70 by pib partnership 10 by

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd