Question
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 $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 $7,000 paid to its employee.
Gross Pay through August 31Gross Pay for Septembera.$ 5,900$ 1,400b.2,4002,500c.132,8009,400
Assuming situation (a), prepare the employers September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employees federal income taxes withheld by the employer are $80 for this pay period.
Assuming situation (a), prepare the employers September 30 journal entry to record the employers payroll taxes expense and its related liabilities.
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. Note: Round your answers to 2 decimal places. Journal entry worksheet Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. 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
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