Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

36 BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are

36 BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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. a. b. CH Gross Pay through August 31 $ 5,200 2,700 132, 100 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense Gross Pay for September $ 2,400 2,800 8,700 General Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. September earnings Employer Payroll taxon
image text in transcribed
image text in transcribed
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FCA 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. Assuming situation (d), prepare the employer's September 30 joumal entry to record the employer's payroll taxes expense and its elated liabilities. Complete this question by entering your answers in the tabs below. Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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. suming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its ated liabilities. Complete this question by entering your answers in the tabs below. 'repare the employer's September 30 joumal entry to record the employer's payroll taxes expense and its related liabilities. lote: Round your answers to 2 decimal places. BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FCA 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. Assuming situation (d), prepare the employer's September 30 joumal entry to record the employer's payroll taxes expense and its elated liabilities. Complete this question by entering your answers in the tabs below. Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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. suming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its ated liabilities. Complete this question by entering your answers in the tabs below. 'repare the employer's September 30 joumal entry to record the employer's payroll taxes expense and its related liabilities. lote: Round your answers to 2 decimal places

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

Auditing A Practical Approach

Authors: Robyn Moroney

1st Canadian Edition

978-1118472972, 1118472977, 978-1742165943

More Books

Students also viewed these Accounting questions

Question

How might HR technology affect the various HR functions?

Answered: 1 week ago