Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need answers please Required intormation [The following information applies to the questions displayed below.) BMX Company has one employee. FICA Social Security taxes are 6.2%
need answers please
Required intormation [The following information applies to the questions displayed below.) 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 Gross Pay through Gross Pay for August 31 September $ 6,700 $ 400 2,300 2,400 131,700 8,300 Assuming situation (), prepare the employer's September 30 Journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be withheld From General Journal Gross Pay The employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places) Taxen to be withhold From Gross Pay (Employee-Pald Taxes) September Earnings Tax Rate Tax Amount Subject to Tax Federal income tax 90.00 $ BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 pald 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 pald to its employee a. Gross Pay through Gross Pay for August 31 September $ 6,700 $ 400 2,300 2,400 131,700 8,300 c Assuming situation (e), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be General Withheld From Journal Gross Pay Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this day period. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet > Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee Step 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