Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

omework 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

image text in transcribed
image text in transcribed
omework 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. of 3 a. Gross Pay through August $ 5,190 2.300 122,790 Gross Pay for September $2,200 2,480 8,680 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. encer 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 $80 for this pay period. Compute the taxes to be withheld from gross pay for this employee. Round your answers to 2 decimal places) Taxes to be Withheld From Gross Pay (Employee Paid Taxes September Earings Tax Rate Tax Amount Subject to Tax Federal income B000 C Prey Next > ACCg 11.doc Required information Journal entry worksheet of 3 1 Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee. DOR Note: Enter debits before credits ence Date General Journal Debit Credit Sep 30 Record entry Clear entry View general joumat

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

Using QuickBooks Online For Accounting 2022

Authors: Glenn Owen

5th Edition

0357516532, 9780357516539

More Books

Students also viewed these Accounting questions

Question

=+Does it make you feel cool?

Answered: 1 week ago