BMX Company has one employee FICA Social Security taxes are 62% 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. Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities his 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. The employee's federal income taxes witheld by the employer are $70 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places