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 first

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 $137700 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. 9. Gross Pay through Gross Pay for August 31 $5,200 2,700 132,100 September $ 2,400 2,800 8,700 Assuming situation (0), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities 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 belov Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), 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-Paid Taxes) Federal income tax September Earnings Subject to Tax Tax Rate Tax Amount $ 90.00 Journal entry worksheet 1 Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee. Note: Enter debits before credits. Date September 30 General Journal Debit Credit Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll tax related liabilities. Complete this question by entering your answers In the tabs below. Payroll Taxes Expense General Journal Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount $ 0.00 Journal entry worksheet < 1 Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. 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

Managerial Accounting

Authors: Mcgrawhil/Irwin

1st Edition

B008CMOMTS

More Books

Students also viewed these Accounting questions

Question

2. Discuss various aspects of the training design process.

Answered: 1 week ago