Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show and check your work Required information The following information applies to the questions displayed below) BMX Company has one employee. FICA Social Security

Please show and check your work image text in transcribed
image text in transcribed
image text in transcribed
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. . b. Gross Pay through August 31 $ 6,400 2,950 124,000 Gross Pay for September $1,700 3,050 9,900 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 $60 for this pay period. Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll abilities for this employee. The employee's federal income taxes withheld by the employer are $60 for this pay period Complete this question by entering your answers in the tabs below. Taxes to be General withheld From Journal Gross Pay The employee's federal income taxes withheld by the employer are $60 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 Pald Taxes) September Eamings Tax Rate Tax Amount Subject to Tax Federal income tax $ 60.00 The employee's federal income taxes withheld by the employer are $60 for this pay period. Prepare the employer September 30 entries to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 decimal places View transaction list Journal entry worksheet

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

Mis And Edp Auditing For Accountants And Auditors

Authors: Srv

1st Edition

9993730351, 978-9993730354

More Books

Students also viewed these Accounting questions

Question

4. Write goals down and regularly monitor progress.

Answered: 1 week ago

Question

Explain the factors influencing wage and salary administration.

Answered: 1 week ago

Question

Examine various types of executive compensation plans.

Answered: 1 week ago

Question

1. What is the meaning and definition of banks ?

Answered: 1 week ago