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

image text in transcribed
image text in transcribed
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 Gross Pay through Gross Pay for August 31 September a. $ 5,300 $2,600 b. 2,400 2,500 122,900 8,800 C. 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 ces Complete this question by entering your answers in the tabs below. Taxey to General but Journal The employee's federal income taxes withheld by the employer are $70 for this pay period. Compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Show less Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax 70.00 Tax Rate Tax Amount Federal income tax $ Tato be withheld From Go Pay General Journal > Required information (The following information applies to the questions displayed below) BMX Company has one employee. FICA Social Security taxes are 62% of the first $128,400 paid to its employee, and FICA Medicare taxes are 145% of gross pay. For BMX, FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through Gross Pay for August 31 September $ 5,300 $2,600 2,400 2,500 122,900 8,800 b. Assuming situation to prepare the employer's September 30 journal entries to record salary expense and its related payroll abilities 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 General be 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.) Show less View transaction list Journal entry worksheet 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 General Journal Debit Credit Sep 30 Record entry Clear entry View general Journal

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_2

Step: 3

blur-text-image_3

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

Intermediate Accounting

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

10th Edition

324300980, 978-0324300987

More Books

Students also viewed these Accounting questions

Question

What, if any, limitations exist for arbitrators?

Answered: 1 week ago

Question

What are the disadvantages of arbitration?

Answered: 1 week ago