Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

0 13 Required information (The following information applies to the questions displayed below! BMX Company has one employee. FICA Social Security taxes are 6.2% of

image text in transcribed
image text in transcribed
image text in transcribed
0 13 Required information (The following information applies to the questions displayed below! 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 Gross Pay for through August 31 September 6,500 900 2,058 2,150 122,200 8,100 $ $ b. C. Assuming situation a, prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. of 3 Assuming situation a, prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Employee Paid Taxes General Joumal Assuming situation a, calculate the employee paid taxes. The employee's federal income taxes withheld by the employer are $90 for this pay period. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee Paid Taxes) September Earnings Subject to Tax Tax Rate Tax Amount Federal income tax $ 90 00 Free Pad Times General Journal > View transaction list 73 Journal entry worksheet rt 2 of 3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions