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I need help filling out the debit and credit section. Required information Use the following information for the Exercises below. [The following information applies to
I need help filling out the debit and credit section.
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 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 2.9% of the first $7,000 paid to its employee. a. Gross Pay through August $ 6,600 18,400 112,400 Gross Pay for September $ 500 2,300 8,200 b. 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. (Round your answers to 2 decimal places.) Answer is complete and correct. Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Tax Earnings Subject Tax Rate Amount to Tax Federal income tax $ 80.00 FICAMedicare $ 500.00 1.45% 7.25 FICASocial Security 0 500.00 6.20% 31.00 Total taxes withheld $ 118.25 Answer is not complete. No Debit Credit Date Sep 30 1 General Journal Salaries expense FICA-Medicare taxes payable FICASocial sec. taxes payable Employee fed. inc. taxes payable Salaries payableStep by Step Solution
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