Answered step by step
Verified Expert Solution
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
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
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