Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Could you explain how to do it? 5 Required information Part 3 of 3 (The following information applies to the questions displayed below.) BMX Company
Could you explain how to do it?
5 Required information Part 3 of 3 (The following information applies to the questions displayed below.) 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 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. 1 points Skipped a. b. Gross Pay through August 31 $ 5,700 3,200 127,800 Gross Pay for September $1,800 3,300 9,200 eBook Hint Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Print Complete this question by entering your answers in the tabs below. References 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 > 5 Part 3 of 3 Required Information [The following information applies to the questions displayed below.] 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 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. 1 points Skipped Gross Pay through August 31 $ 5.709 3,200 127,800 Gross Pay for September $1,800 3,300 9.200 b. ebook Assuming situation (a). prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities Hint Complete this question by entering your answers in the tabs below. Print References Payroll Taxes General Expense Journal Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. (Round your answers to 2 decimal places.) View transaction lit Journal entry worksheetStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started