BMX Company has one employee FICA Social Security taxes are 6 2 of the first $128,400 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 Gross Pay for September a $ 5,200 $ 2,400 b 2,350 2,450 c 122,800 8,700 rev 05 16 2019 QC CS 168714 Compute BMXs amounts for each of these four taxes as applied to the employees gross earnings for September under each of three separate situations ( a ), ( b ), and ( c ) (Round your answers to 2 decimal places ) Assuming situation ( a ), prepare the employers September 30 journal entries to record salary expense and its related payroll liabilities for this employee The employees federal income taxes withheld by the employer are $90 for this pay period Options for Federal Income Tax FICAMedicare FICASocial Security FUTA SUTA OPtions for the General Journal Accounts payable Bonus payable Cost of goods sold Deferred income tax liability Earned services revenue Earned ticket revenue Employee benefits plan payable Employee bonus expense Employee federal income taxes payable Employee life insurance payable Employee medical insurance payable Employee union dues payable Estimated warranty liability Federal unemployment taxes payable FICAMedicare taxes payable FICASocial security taxes payable Income taxes expense Income taxes payable Interest expense Interest payable Merchandise inventory Notes payable Payroll taxes expense Repair parts inventory Salaries expense Salaries payable Sales Sales taxes payable State unemployment taxes payable Unearned services revenue Unearned ticket revenue Vacation benefits expense Vacation benefits payable Warranty expense Assuming situation ( a ), prepare the employers September 30 journal entries to record the employers payroll taxes expense and its related liabilities Options for employer payroll Taxes FICAMedicare FICASocial Security FUTA SUTA Options for General Journal Accounts payable Accrued payroll payable Bonus payable Cash Cost of goods sold Deferred income tax liability Earned services revenue Earned ticket revenue Employee benefits plan payable Employee bonus expense Employee federal income taxes payable Employee life insurance payable Employee medical insurance payable Employee union dues payable Estimated warranty liability Federal unemployment taxes payable FICAMedicare taxes payable FICASocial security taxes payable Income taxes expense Income taxes payable Interest expense Interest payable Merchandise inventory Notes payable Payroll taxes expense Repair parts inventory Salaries expense Salaries payable Sales Sales salaries expense Sales taxes payable State unemployment taxes payable Unearned services revenue Unearned ticket revenue Vacation benefits expense Vacation benefits payable Wages expense Warranty expense Tax September Earnings Subject to Tax Tax Rate Tax Amount FICASocial Security FICA Medicare FUTA SUTA b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICASocial Security FICAMedicare FUTA SUTA c) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICASocial Security FICAMedicare FUTA SUTA Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period 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 Tax Amount Subject to Tax Federal income tax $ 90 00 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 Date General Journal Debit Credit Sep 30 Payroll Taxes Expense General Journal 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 IIIIIIIIIIIIIIII Record the employer's September 30 payroll taxes expense and its related liabilities Note Enter debits before credits Date General Journal Debit Credit Sep 30

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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 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 $128,400 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			Gross Pay for September
a.		$	5,200		$	2,400
b.			2,350			2,450
c.			122,800			8,700

rev: 05_16_2019_QC_CS-168714

Compute BMXs amounts for each of these four taxes as applied to the employees gross earnings for September under each of three separate situations (a), (b), and (c). (Round your answers to 2 decimal places.)

Assuming situation (a), prepare the employers September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employees federal income taxes withheld by the employer are $90 for this pay period. image text in transcribed Options for Federal Income Tax

FICAMedicare
FICASocial Security
FUTA
SUTA

image text in transcribed OPtions for the General Journal

Accounts payable
Bonus payable
Cost of goods sold
Deferred income tax liability
Earned services revenue
Earned ticket revenue
Employee benefits plan payable
Employee bonus expense
Employee federal income taxes payable
Employee life insurance payable
Employee medical insurance payable
Employee union dues payable
Estimated warranty liability
Federal unemployment taxes payable
FICAMedicare taxes payable
FICASocial security taxes payable
Income taxes expense
Income taxes payable
Interest expense
Interest payable
Merchandise inventory
Notes payable
Payroll taxes expense
Repair parts inventory
Salaries expense
Salaries payable
Sales
Sales taxes payable
State unemployment taxes payable
Unearned services revenue
Unearned ticket revenue
Vacation benefits expense
Vacation benefits payable
Warranty expense

Assuming situation (a), prepare the employers September 30 journal entries to record the employers payroll taxes expense and its related liabilities. image text in transcribed

Options for employer payroll Taxes

FICAMedicare
FICASocial Security
FUTA
SUTA

image text in transcribed Options for General Journal

Accounts payable
Accrued payroll payable
Bonus payable
Cash
Cost of goods sold
Deferred income tax liability
Earned services revenue
Earned ticket revenue
Employee benefits plan payable
Employee bonus expense
Employee federal income taxes payable
Employee life insurance payable
Employee medical insurance payable
Employee union dues payable
Estimated warranty liability
Federal unemployment taxes payable
FICAMedicare taxes payable
FICASocial security taxes payable
Income taxes expense
Income taxes payable
Interest expense
Interest payable
Merchandise inventory
Notes payable
Payroll taxes expense
Repair parts inventory
Salaries expense
Salaries payable
Sales
Sales salaries expense
Sales taxes payable
State unemployment taxes payable
Unearned services revenue
Unearned ticket revenue
Vacation benefits expense
Vacation benefits payable
Wages expense
Warranty expense

Tax September Earnings Subject to Tax Tax Rate Tax Amount FICASocial Security FICA-Medicare FUTA SUTA b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICASocial Security FICAMedicare FUTA SUTA c) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICASocial Security FICAMedicare FUTA SUTA Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. 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 Tax Amount Subject to Tax Federal income tax $ 90.00 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. Date General Journal Debit Credit Sep 30 Payroll Taxes Expense General Journal 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 IIIIIIIIIIIIIIII Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Date General Journal Debit Credit Sep 30