Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help answer, all one questions Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed
please help answer, all one questions
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 pald to its employee, andFICA Medicare taxes are 145% of gross pay For BMX, its FUTA taxes are 0.6% and SUTA taxes are 54% of the first 57,000 paid to its employee Exercise 9-7 (Algo) Computing payroll taxes LO P2, P3 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September und each of three separate stuations (a), (b), and (c) Note: Round your answers to 2 decimal places. Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] BMX Company hasone employee FICA Social Security taxes are 6.2% of the first $132,900 paid to its employee, and FICA Medicare laxes are 145% of gross pay For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.48 -of the firs $7,000 paid toits employee. Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entiy to record salary expense and its related payroll liablities lo 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. The employee's federal income taxes withheld by the employer are $90 for this pay period. Compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places 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 Socal Secuity taxes are 628 of the frist $132.900 paid to its employee, and FICA Medicore taxes are 145% of gross pay For BMX its FUTA taxes are 06% p. and 5U its taxes are 5.4% of the firs $7,000 pad to its employee Exercise 98 (Algo) Payroll-related journal entries LO P2 Assuming stuation (a) prebare the eniployer's September 30 joumal entiy torecoed salay expense and its related payot Ilabilities for this employee the employee's federatincome taxes withheld by the employer wee 590 for this poy peeiod Complete this question by entering your answers in the tobs betow. Note:-Roind voir answers to 2 decims, place: Journal entry worksheet Prepare tha employor's September 30 joumal entry to recond accruod salary. expense and it's related payroll habilies for this employee Notei Enter debils beforo crecits Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started