Problem: 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.
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Gross Pay through August 31
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Gross Pay for September
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a
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$6,400
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$1,700
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b
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2,950
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3,050
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c
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124,000
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9,900
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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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