Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below) BMX Company hak one employee.
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below) BMX Company hak one employee. FICA Social Security taxes are 6.2% of the first $137700 paid to its employee, and FICA Medicare taxes are 145% of gross pay. For BMX, Its FUTA taxes are 06% and SUTA taxes are 5.4% of the first $7,000 paid to its employee Gross Pay through August 31 $ 5,900 2,400 132,800 Gross Pay for September 5 1,400 2,500 9,400 b Exercise 11-7 (Algo) Computing payroll taxes LO P2, P3 Compute BMX amounts for each of these four taxes as applied to the employee's gross canings for September under each of three separate situations falandia (Round your answers to 2 decimal places) Spomber tamang Subject to Tax The Tax Amount FICA. Social Security FICA Medicare FUTA SUTA Thes Seper Lars Subject to Tax Te Rate Tax Amour FICA Soal Secure FICA FUTA Tax Rate Tam FICAS FIA FUTA UTA Assuming situation (a). prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period Complete this question by entering your answers in the tabs below. Taxes to be Withheld From General Journal Gross Pay 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. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee Pald Taxes) September Earnings Tax Rate Tax Amount Subject to Tax Federal income tax S 80.00 Tanam Gewal Journal > Required information Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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