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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 August 31 $ 6,400 2.ee 122,100 Gross Pay for September $ 890 2. 10e 8. eae b. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (C). (Round your answers to 2 decimal places.) Tax Tax Rate Tax Amount 49.00 FICASocial Security FICA-Medicare FUTA SUTA September Earnings Subject to Tax S 800.00 800.00 600.00 600.00 6.2096 1.45% 0.60% 5.40% 11.60 3.60 32.40 Tax September Earnings Subject to Tax Tax Rate Tax Amount FICASocial Security FICAMedicare FUTA SUTA Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA 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 $80 for this pay period. Complete this question by entering your answers in the tabs below. General Taxes to be withheld From Gross Pay Tournal The employee's federal income taxes withheld by the employer are $80 for this pay period. Compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Tax Rate Tax Amount Subiect to Tax Federal income tax S 80.00 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 $80 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 $80 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.) 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 Sep 30 Record entry Clear entry View general journal Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense General 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 0.00 Assuming situation (a). prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. 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 Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Date General Journal Debit Credit Sep 30 Record entry Clear entry View general journal
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