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Required Information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Soclal Security taxes are 6.2% of the first
Required Information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Soclal Security taxes are 6.2% of the first $137,700 pald 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. Sssuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll abilitles for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabili this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Note: Round your answers to 2 decimal places
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