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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137700 paid to its employee, and FICA Medicare taxes are 1.45%
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137700 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 $ 6,300 2,600 133,200 Gross Pay for September $1,800 2,700 9,800 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 General Journal Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount $ 0.00 Journal entry worksheet < Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Date September 30 General Journal Debit Credit Record entry Clear entry View general journal >
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