Answered step by step
Verified Expert Solution
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 $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 Gross Pay through August 31 $ 6,400 2,000 122,100 Gross Pay for September $ see 2,1ee 8,000 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Payroll Taxes Expense General Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) Tax Rate Tax Amount September earnings subject to tax 6,300.00 6.20% $ 390.60 Employer Payroll taxes FICA-Social Security FICA-Medicare FUTA 8,000.00 1.45% 116.00 0.00 0.60% SUTA 0.00 5.40% Total Payroll Taxes Expense $ 506.60
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/66963e44cee44_37266963e446f30f.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/66963e4561308_37366963e4506f7f.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started