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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 1.45%
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 $ 5,400 2,900 132,300 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Payroll Taxes Expense Gross Pay for September $ 2,400 3,000 8,900 Complete this question by entering your answers in the tabs below. General Journal Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round your answers to 2 decimal places.
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