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 $137,700 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 pald to its employee . Gross Pay through August 31 $ 6,400 2,000 131,400 Gross Pay for September $ 800 2,100 8.000 C. Assuming situation () prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal Income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From General Journal Gross Pay The employee's federal income taxes withheld by the employer are $80 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.) Toxos to be Withhold From Grous Pay (Employee-Pald Taxes) September Earnings Subject to Tax Tax Rate Tax Amount Federal income tax s 80.00 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. General Journal Debit Credit Date September 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

Artificial Intelligence In Accounting Organisational And Ethical Implications

Authors: Othmar M. Lehner, Carina Knoll

1st Edition

1032055626, 9781032055626

More Books

Students also viewed these Accounting questions

Question

What information is provided in a balance sheet?

Answered: 1 week ago

Question

Explain in detail the different methods of performance appraisal .

Answered: 1 week ago