Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please explain! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.) BMX Company has

please explain!
image text in transcribed
image text in transcribed
image text in transcribed
Required information Use the following information for the Exercises below. (Algo) [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. GroHS Pay through Gross Pay for August 31 $ 5,700 3,200 127,800 September $1,800 3,300 9,200 Exercise 9-9 (Algo) Payroll-related journal entries LO P3 Assuming situation () prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related fiabilities 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 earnings Tax Rate Tax Amount subject to tax Exercise 9-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings Tax Rate Tax Amount subject to tax $ 0.00 Papel & General Journal > Required information Payroll Taxes General Expense Journal Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilitles. (Round ye answers to 2 decimal places.) View transaction list Journal entry worksheet Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Date General Journal Debit Credit Sep 30 Prey 1 of 1 Next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Accounting questions