Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

! 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

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. a. b. Gross Pay through August 31 $ 6,300 2,980 123,900 Gross Pay for September $1,800 3,000 9,800 Assuming situation (a), prepare the employer's September 30 journal entries 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 Expense General Journal Compute the payroll taxes expense. (Round your answers to ? decimal na Assuming siluation (a), prepare the employer's September 30 journal entries 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 Expense General Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount FICA-Social Secunty FICA-Medicare W FUTA SUTA 0.00 (Payroll Taxes Expense General Journal > 3 Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General Journal Prepare the employer's September 30 joumal entries to record the employer's payroll taxes expense and its related liabilities. (Round your answers to 2 decimal places) View transaction list aces Journal entry worksheet 1 > Record the employer's September 30 payroll taxes expense and its related liabilities Note Enter debits before credits Date 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

ISE International Accounting

Authors: Timothy Doupnik, Mark Finn, Giorgio Gotti, Hector Perera

5th Edition

1260547981, 9781260547986

More Books

Students also viewed these Accounting questions

Question

=+15. Did you create a campaign that would create buzz?

Answered: 1 week ago

Question

=+9. Did you answer the consumer's question Why buy?

Answered: 1 week ago