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 $132,900 paid to its employee, and FICA Medicare taxes are 145%

image text in transcribed
image text in transcribed
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 145% 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 55,300 2,800 127,400 Gross Pay for September $2,600 2,900 8,800 Assuming situation (), 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 Tapes Expense General Journal Prepare the employee's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. (Round your navers to 2 decimal places) Journal entry worksheet Record the employer Setember 30 toll taxes edited Journal entry worksheet Record the employer's September 30 payroll taxes expense and its related abilities Nerabits before credits Date General Journal Se 30 Debit Credit

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

Accounting Regulation In Japan Evolution And Development From 2001 To 2015

Authors: Masatsugu Sanada, Yoshihiro Tokuga

1st Edition

0367221071, 9780367221072

More Books

Students also viewed these Accounting questions

Question

3. How does nonverbal communication express cultural values?

Answered: 1 week ago

Question

2. What types of nonverbal behavior have scholars identifi ed?

Answered: 1 week ago