Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 $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 Gross Pay for 31 September $ 6,5ee $ 900 b. 2,ese 2,150 122,200 8,100 C. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (1). (1), and (((Round your answers to 2 decimal places. Leave no cells blank.) a) September Earnings Subject to Tax Tax Rate Tax Amount Tax FICA-Social Security FICA Medicare FUTA SUTA 2 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a).(6), and (9. (Round your answers to 2 decimal places. Leave no cells blank.) a) 1 of 3 Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA Social Security FICA Medicare FUTA SUTA b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA Social Security FICA-Medicare FUTA SUTA c) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA Social Security FICA Medicare FUTA SUTA w (CHS 09, 11 & 12 Saved 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 $90 for this pay period. Complete this question by entering your answers in the tabs below. Employee Paid Taxes General Journal Assuming situation a, calculate the employee paid taxes. The employee's federal income taxes withheld by the employer are $90 for this pay period. (Round your answers to 2 decimal places.) Taxes to be withheld From Gross Pay (Employee-Paid Taxes) September Earnings Tax Amount Subject to Tax Federal income tax $ 90 00 Tax Rate Employee Pald Takes General Journal > Saved - (CHS 09, 11 & 12) Required information View transaction list Journal entry worksheet -(CHs 09, 11 & 12) Saved C. 122,200 8,100 Assuming situation a, prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Employer Payroll Taxes General Joumal Assuming situation a, calculate the employer's payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount Employer Payroll Tax General Journal > Saved (CHS 09, 11 & 12) Required information View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Local Union Financial Records A Guide For Local Union Trustees

Authors: John Lund

1st Edition

0875461948, 978-0875461946

More Books

Students also viewed these Accounting questions