Answered step by step
Verified Expert Solution
Question
1 Approved Answer
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its employee, and FICA Medicare taxes are
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 06% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Grass Pay through August 31 $ 6,180 2,100 128, 200 Gross Pay for September $1,480 2, 200 9,600 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 for this employee. The employee's federai income taxes withheid by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be General Journal Withheld From Gross Pay Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheid by the employer are $90 for this pay period. Prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 decimal piaces.) 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. BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 06% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Grass Pay through August 31 $ 6,180 2,100 128, 200 Gross Pay for September $1,480 2, 200 9,600 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 for this employee. The employee's federai income taxes withheid by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be General Journal Withheld From Gross Pay Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheid by the employer are $90 for this pay period. Prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 decimal piaces.) 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. BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 06% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Grass Pay through August 31 $ 6,180 2,100 128, 200 Gross Pay for September $1,480 2, 200 9,600 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 for this employee. The employee's federai income taxes withheid by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be General Journal Withheld From Gross Pay Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheid by the employer are $90 for this pay period. Prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 decimal piaces.) 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.
Step by Step Solution
★★★★★
3.50 Rating (157 Votes )
There are 3 Steps involved in it
Step: 1
Federal income tax 9000 FICASocial Security 8680 140062 FICAMedica...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started