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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 through August $5,300 Gross Pay for September $ 2,600 2,900 8,800 19,000 113,000 Exercise 9-7 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 elated liabilities. (Round your answers to 2 decimal places.) Answer is complete and correct. September earnings subject to tax Employer Payroll taxes FICA- Social Security FICA-Medicare FUTA SUTA Tax Rate Tax Amount 2,600.00 2,600.00 1,700.00 1,700.00 Total Payroll Taxes ExpenseS 6.20% 1.45% 0.60% 2.90% 161.20 37.70 10.20 49.30 258.40 Gross Pay for September $ 2,600 Gross Pay through August $5,300 19,000 113,000 2,900 8,800 Exercise 9-7 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.) Answer is complete and correct. September earnings subject to tax Employer Payroll taxes FICA- Social Security FICA-Medicare FUTA SUTA Tax Rate Tax Amount 2,600.00 2,600.00 1,700.00 1,700.00 Total Payroll Taxes Expense 6.20% 1.45% 0.60% 2.90% 161.20 37.70 10.20 49.30 258.40 Answer is not complete 0 Date General Journal Debit Credit Sep 30 Salaries expense FICA-Social sec. taxes payable FICA-Medicare taxes payable Employee Salaries pavable 2,600.00 fed. inc. taxes payable
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