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.
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 through August 31 $ 6,eee 2,750 123,689 Gross Pay for September $1,5ee 2,850 9, see b. c. 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 (9. (Round your answers to 2 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 FUTA SUTA 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 pald to its employee. Gross Pay through Gross Pay for August 31 $ 6,000 2,750 123,600 September $1, see 2,850 9,500 b. c. Assuming situation (a), prepare the employer's September 30 Journal entries to record salary expense and its related payroll llabilities for this employee. The employee's federal Income taxes withheld by the employer are $70 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From General Journal Gross Pay The employee's federal income taxes with held by the employer are $70 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 Earnings Subject to Tax Tax Rate Tax Amount Federal income tax $ 70.00 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 $70 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be General Withheld From Gross Pay Journal The employee's federal income taxes withheld by the employer are $70 for this pay period. Prepare 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.) View transaction list Journal entry worksheet Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee. Note: Enter debits before credits Date General Journal Debit Credit Sep 30 Record entry Clear entry View general journal
