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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 $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 $ 6,000 2,750 123,600 Gross Pay for September $1,500 2,850 9,500 Assuming situation a, prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $70 for this pay period. Complete this question by entering your answers in the tabs below. Employee Paid General Taxes Journal Assuming situation a, prepare the employer's September 30 journal entries to record salary expense and its related payroll lia this employee. (Round your answers to 2 decimal places.) View transaction list View journal entry worksheet No Date General Journal 1 Sep 30 Salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Employee fed. inc. taxes payable Salaries payable Debit Credit 1,500.00
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