Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information 13 Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] BMX Company has

image text in transcribedimage text in transcribed

Required information 13 Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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. a. b. C. Gross Pay through August 31 $ 6,400 2,000 131,400 Gross Pay for September $ 800 2,100 8,000 ces Exercise 9-9 (Static) 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 General Taxes Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. Employer Payroll September earnings subject Tax Rate Tax Amount taxes to tax Payroll Taxes Expense General Journal > Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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. a. b. C. Gross Pay through August 31 $ 6,400 2,000 131,400 Gross Pay for September $ 800 2,100 8,000 Exercise 9-9 (Static) 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 General Journal Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round your 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. > Show less& Date September 30 General Journal Debit Credit

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

Cornerstones of Managerial Accounting

Authors: Mowen, Hansen, Heitger

3rd Edition

324660138, 978-0324660135

More Books

Students also viewed these Accounting questions

Question

Explain retaliation as a motivation for hate crimes.

Answered: 1 week ago

Question

Explain the role that peer group dynamics play in hate crimes.

Answered: 1 week ago