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BMX Company has Employee A. FICA Social Security taxes are 6.2% of the first $117,000 paid to its employee, and FICA Medicare taxes are 1.45%
BMX Company has Employee A. FICA Social Security taxes are 6.2% of the first $117,000 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 2.9% of the first $7,000 paid to its employee. |
Gross Pay through August | Gross Pay for September | |||
a. | $ | 6,480 | $ | 810 |
value; 10.00 points BMX Company has Employee A. FICA Social Security taxes are 6.2% of the first $117.000 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 2.9% of the first $7,000 paid to its employee. Gross Pay through August Gross Pay for September $810 6,480 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.) Employee A: September earnings Employer Payroll taxes Tax Rate subject to tax
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