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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. Gross Pay through Gross Pay for a. b. August 31 $ 6,400 2,000 122, 10e September $ 800 2,100 8,000 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilitles. Complete this question by entering your answers in the tabs below. Payroll Taxes General Expense Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount Payroll Taxes Expense General Journal Prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet
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