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. a. b. Gross Pay through August 31 $ 6,200 2,850 123,800 Gross Pay for September $1,600 2,950 9,700 Exercise 9-5 Computing payroll taxes LO P2, P3 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (C). (Round your answers to 2 decimal places.) a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA - Social Security FICAMedicare FUTA SUTA c) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA (The following information applies to the questions displayed below.) 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 $ 6,200 2,850 123,800 Gross Pay for September $1,600 2,950 9,700 b. c. Exercise 9-6 Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be General Withheld From Journal Gross Pay The employee's federal income taxes withheld by the employer are $80 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 Subject to Tax Tax Amount $ Federal income tax 80.00 Taxes to be Withheld From Gross Pay General Journal Required information Complete this question by entering your answers in the tabs below. Taxes to be General Withheld From Journal Gross Pay The employee's federal income taxes withheld by the employer are $80 for this pay period. Prepare the employer's Se entries to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 decimal View transaction list Journal entry worksheet 1 > 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 Sep 30 Debit Credit Record entry Clear entry View general journal 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. a. b. c. Gross Pay through August 31 $ 6,200 2,850 123,800 Gross Pay for September $1,600 2,950 9,700 Exercise 9-7 Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and it related liabilities. Complete this question by entering your answers in the tabs below. 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 Payroll Taxes Expense General Journal > Prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related your answers to 2 decimal places.) View transaction list Journal entry worksheet
