Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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 $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. a. b. C. Gross Pay through August 31 $ 5,400 2,900 132,300 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay Gross Pay for September $ 2,400 3,000 8,900 General Journal Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Note: Round your answers to 2 decimal places. View transaction list 1 Journal entry worksheet
image text in transcribed
image text in transcribed
BMX Company has one employee. FCA Social Security taxes are 6.2% of the first $137,700 poid to its employee, and FICA Medicare toves ore 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. ssuming sinwation (a), prepare the employer's September 30 joumal entry to record salary expense and its related payroll llabilties for is employee. The employee's federal income taxes witheld by the employer are $90 for this pay period: Complete this question by entering your answers in the tabs below. Assuming stituation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income toxes witheld by the employer are $90 for this pay period. Notes round vour answers to 2 decimal places. Journal entry worksheet 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 belore credits. BMX Company has one employee. FCA Social Security taxes are 6.2% of the first $137,700 poid to its employee, and FICA Medicare toves ore 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. ssuming sinwation (a), prepare the employer's September 30 joumal entry to record salary expense and its related payroll llabilties for is employee. The employee's federal income taxes witheld by the employer are $90 for this pay period: Complete this question by entering your answers in the tabs below. Assuming stituation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income toxes witheld by the employer are $90 for this pay period. Notes round vour answers to 2 decimal places. Journal entry worksheet 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 belore credits

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

Introduction To Managerial Accounting

Authors: Peter C. Brewer , Ray H. Garrison, Eric Noreen

9th International Edition

1265672008, 978-1265672003

More Books

Students also viewed these Accounting questions