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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 $132,900 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. a. b. Gross Pay through August 31 $ 5,200 2,700 127,300 Gross Pay for September $2,400 2,800 8,700 c. 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.) Fax Tax Rate September Earnings Subject to Tax $ 2,400.00 Tax Amount FICASocial Security 6.20% $ 148.80 FICA-Medicare 2,400.00 1.45% 34.80 FUTA 0.60% SUTA 2,400.00 5.40% 129.60 b) Tax Tax Rate Tax Amount September Earnings Subject to Tax 2,800.00 FICA-Social Security 6.20% $ 173.60 FICA-Medicare 2,800.00 1.45% 40.60 FUTA 2,800.00 0.60% 16.80 SUTA 2.800.00 5.40% 151.20 c) Tax Tax Rate Tax Amount September Earnings Subject to Tax 8,700.00 FICA Social Security 6.20% 539.40 FICA-Medicare 8,700.00 1.45% 126.15 FUTA 8,700 52.20 0.60% SUTA 8.700 5.40% 469.80 Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $90 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 Subject to Tax Federal income tax $ 90.00 $ 900.00 6.20% 55.80 FICA-Social Security FICA-Medicare 900.00 1.45% 13.05 Total taxes withheld $ 158.85 Takes to be withheld for General Journal > 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 Payroll Taxes per General Journal > Payroll Taxes Expense General Journal Prepare the employer's September 30 journal entry 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 1 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 FTP
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