BMX Company has one employee. FICA Social security taxes are 6.2% of the first 137,700 paid to its employee
Check 1 ! Part 1 of 3 Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] 8.5 points 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 eBook Hint a b. Gross Pay through August 31 $ 5,300 2,800 132,200 Gross Pay for September $ 2,600 2,900 8,800 Ask C. Print References Exercise 9-7 (Algo) Computing payroll taxes LO P2, P3 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 (C). (Round your answers to 2 decimal places.) a) Exercise 9-7 (Algo) Computing payroll taxes LO P2, P3 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.) Answer is not complete. Tax September Earnings Subject to Tax Tax Rate Tax Amount $ 1,600.00 X 6.20% $ 99.20 FICA-Social Security FICA-Medicare FUTA 1,600.00 X 23.20 1.45% 0.60% 4.80 800.00 X 800.00 X SUTA 5.40% 43.20 b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICASocial Security FICAMedicare FUTA SUTA c) Tax September Earnings Subject to Tax Rate Tax Amount FICA-Social Security FICAMedicare FUTA SUTA 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. Assuming situation (a), 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 Tax Rate Subject to Tax Tax Amount Federal income tax $ 70.00 1 > 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. General Journal Debit Credit Date September 30 Record entry Clear entry View general journal 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 Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 > Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. General Journal Debit Credit Date September 30
