Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9 Required information Part 1 of 2 Assuming situation (al, prepare the employer's September 30 journal entries to record salary expense and its related payroll

image text in transcribed
image text in transcribed
9 Required information Part 1 of 2 Assuming situation (al, 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 570 for this pay period 10 Complete this question by entering your answers in the tabs below. Taxes to be withheld From General Grou Pay Journal The employee's federal income taxes withheld by the employer are $70 for this pay period. Prepare the employer September 10 Journal entries to record salary expense and its related payroll abilities for this employee. (Round your answers to 2 decimal places) Book View transaction list Pere Journal entry worksheet Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll abilities for this employee Not: Enter debit before credits Debit Credit Data Sep 30 General Journal Salaries per TICA Social security we payable TICA Medicare taxes payable Salaries payable Record entry Clear entry View eral Journal 10 Part 2 of 2 Required information Use the following information for the Exercises below. The following information applies to the questions displayed below) 10 points 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 145% of gross pay For BMX, its FUTA taxes are 0.6% and SUTA taxes are 54% of the first $7.000 paid to its employee Suced Gross Pay through August 31 56,000 2.750 123,600 Gross Pay for September $1,500 2,850 9.500 b. 5. Book Hinn Exercise 9-7 Payroll-related journal entries LO P3 Print Assuming situation la prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities References Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places) Employer Payroll taxes September samninga subject to tax Tax Rate Tax Amount 000

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

Financial Analysis

Authors: Paul Rodgers

4th Edition

075068674X, 978-0750686747

More Books

Students also viewed these Accounting questions

Question

2. Employees and managers participate in development of the system.

Answered: 1 week ago