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Need help with FICA only : ) Thank You! Requlred Information [The following information applies to the questions displayed below.] BMX Company has one employee.
Need help with FICA only : ) Thank You!
Requlred 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. Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and it: related liabilities. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round your answers to 2 decimal places. Requlred 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. Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and it: related liabilities. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round your answers to 2 decimal placesStep by Step Solution
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