Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
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 $128,400 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 Gross Pay for August 31 September $ 6,400 2,000 2,100 122,100 8,000 $ 800 a. b. C. Assuming situation (), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities Complete this question by entering your answers in the tabs below. Payroll Taxes General Expense Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) September earnings Employer Payroll taxes Tax Rate Tax Amount subject to tax $ 0.00 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 Sep 30 Debit Credit
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