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. Gross Pay Gross Pay through for August 31 September $ 6,500 $ 1,900 b. 3,000 3,100 124,100 10,000 ssuming situation (e), prepare the employer's September 30 journal entries to record the employer's payroll taxes xpense and its related liabilities. Complete this question by entering your answ nswers in the tabs below. Payroll General Taxes Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll September taxes earnings subject Tax Rate Tax Amount to tax $ 0.00 (Payroll Taxes Expense General Journal 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 Gross Pay through for August 31 September $ 6,500 $ 1,900 b. 3,000 3,100 124,100 10,000 suming situation (e), prepare the employer's September 30 joumal entries to record the employer's payroll taxes pense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll General Taxes Journal repare 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.) "Fiew transaction list Journal entry worksheet > Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. General Journal Debit Credit Date Sep 30 Record entry View general journal Clear entry
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started