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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
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 $ 5,700 3,200 132,600 Gross Pay for September $ 1,800 3,300 9,200 Exercise 11-9 (Algo) Payroll-related journal entries LO P3 ssuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its elated 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 < Payroll Taxes Expense $ 0.00 General Journal >
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