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Required information Use the following information for the Exercises below. The following information applies to the questions displayed below BMX Company has one employee. FICA
Required information Use the following information for the Exercises below. The following information applies to the questions displayed below BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 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 2.9% of the first $7,000 paid to its employee. Gross Pay for September 1,70e 4,000 9,900 Gross Pay through August a. $ 6,400 20,100 c. 114,100 b. Exercise 11-7 Payroll-related journal entries LO P3 Assuming situation a, 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.)
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