Question
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 $ 5,700 2,600 123,300 Gross Pay for September $1,800 2,700 9,200 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. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $70 for this pay period. Prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 decimal places.) a. b. August 31 $ 5,700 2,600 123,300 September $1,800 2,700 9,200 Assuming situation (a), prepare the employer's September 30 journal entries to record salary expens for this employee. The employee's federal income taxes withheld by the employer are $70 for this pa Complete this question by entering your answers in the tabs below. ces Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $70 for this pay period. Compute the t 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 70.00 A to be Withheld Fins Gross Pay 5 General Journal > Required information Journal entry worksheet Required information Journal entry worksheet 1 Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Date Sep 30 General Journal Debit Credit Record entry Clear entry View general journal
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