Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please provide explanation and show work. End of Chapter 9 Assignment * Saved 7 Part 2 of 3 Required information (The following information applies to
Please provide explanation and show work.
End of Chapter 9 Assignment * Saved 7 Part 2 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 $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. 0.75 points Gross Pay through August 31 $ 6,480 2,000 126,600 Gross Pay for September $ 800 2,100 8,000 eBook Hint Assuming situation (a), prepare the employer's September 30 journal entry 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. Print Complete this question by entering your answers in the tabs below. References Taxes to be General Withheld From 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 Earnings Tax Rate Tax Amount Subject to Tax Federal income tax S 8000 7 C. 126,600 8, Part 2 of 2 Assuming situation (a), prepare the employer's September 30 journal entry 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. 0.75 points Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal eBook The employee's federal Income taxes withheld by the employer are $80 for this pay period. Prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 decimal places.) Hint View transaction list Print Journal entry worksheet o o > References Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee. Note: Enter debits before credits. General Journal Debit Credit Date Sep 30 Record entry Clear entry Vlew general JournalStep 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