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Need help fixing my problem BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and
Need help fixing my problem
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 $ 6,40 2,000 122,168 Gross Pay for September $ see 2,180 8, eee a. b. Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. 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 FICA Social Security 800.00 6.20% 49.60 FICA-Medicare 800.00 1.45% 11.60 FUTA 600.00 0.60% 3.60 SUTA 600.00 5.40% 32.40 Total Payroll Taxes Expense 97.20 Prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. (Round your answers to 2 decimal places.) No Date General Journal Debit Credit 1 Sep 30 97.20 49.60 Payroll taxes expense FICASocial security taxes payable Federal unemployment taxes payable State unemployment taxes payable 11.60 X 3.60 x
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