Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ork 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
ork 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 Groen Pay through Groun Pay for August 31 Beptember $ 6,800 2.200 122,500 $ 700 2,300 8.400 Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilit for this employee. The employee's federal income taxes withheld by the employer are $70 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 $70 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-Pata Taxes) September Earnings Tax Amount Subject to Tax 70.00 Tax Rate Federal income tax $ Prey Next > 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 31 $ 6,800 2,200 122,500 Gross Pay for September $ 700 2,300 8,400 suming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and ated liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes General Expense Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earings Tax Rate Tax Amount subject to tax

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

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

19th Edition

1292255994, 9781292255996

More Books

Students also viewed these Accounting questions