Answered step by step
Verified Expert Solution
Link Copied!

Question

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

image text in transcribedimage text in transcribed

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 $127,200 pald to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 pald to its employee. a. b. c. Gross Pay through August 31 $ 6,480 2,800 120,990 Gross Pay for September $ 880 2,100 8, eee 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 liabilitles. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Employer Payroll Taxes General Journal Assuming situation a, calculate the employer's payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes Tax Amount FUTA FICA-Social Security FICA-Medicare September earnings Tax Rate subject to tax 0.00% 0.00% 800.00 6.20% 800.00 1.45% 0.00 0.00% X Total Payroll Taxes Expense 49.80 11.80 SUTA $ 61.20 Exercise Y-/ Payroll-related journal entries LU P3 Assuming situation a, prepare the employer's September 30 Journal entries to record the employer's payroll taxes expense and its related liabilitles. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Employer Payroll Taxes General Journal 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.) No Date General Journal Credit Debit 800.00 % 1 Sep 30 Salaries expense Income taxes payable FICA-Social security taxes payable FICA-Medicare taxes payable Salaries payable 80.00% 49.80 11.60 658.80 X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

L A -r- P[N]

Answered: 1 week ago