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3 part practice question need help on Please read carefully and show your work 24 Required information Use the following information for the Exercises below.
3 part practice question need help on
Please read carefully and show your work
24 Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Part 1 of 3 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. 10 points Gross Pay through August 31 $ 5,900 2,700 123,500 Gross Pay for September $1,400 2,800 9,400 Ask a. b. c. Exercise 9-5 Computing payroll taxes LO P2, P3 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). (Round your answers to decimal places.) a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA c) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare 25 Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Part 2 of 3 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. 10 points Gross Pay through August 31 $ 5,900 2,700 123,500 Gross Pay for September $1,400 2,800 9,400 a. b. C. Ask Exercise 9-6 Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its relate payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this period. Complete this question by entering your answers in the tabs below. Taxes to be General Journal The employee's federal income taxes withheld by the employer are $80 for this pay period. Compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Tax Earnings Tax Rate Amount Subject to Tax Federal income $ 80.00 tax Taxes to be Withheld From Gross General Journal > 25 [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. Part 2 of 3 Gross Pay through August 31 $ 5,900 2,700 123,500 Gross Pay for September $1,400 2,800 9,400 10 points a. b. c. Ask Exercise 9-6 Payroll-related journal entries LO P2 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 $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to General be Journal The employee's federal income taxes withheld by the employer are $80 for this pay period. the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 decimal places.) Show less View transaction list Journal entry worksheet 26 Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Part 3 of 3 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. 11 points Gross Pay through August 31 $ 5,900 2,700 123,500 Gross Pay for September $1,400 2,800 9,400 . b. C. Ask Exercise 9-7 Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxe expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes General Journal Prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 > Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. General Journal Debit Credit Date Sep 30 Record entry View general journal Clear entryStep by Step Solution
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