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 transcribed
image text in transcribed
image text in transcribed
image 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 $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 $ 6,600 Gross Pay for September $ 500 b. 18,4ee 2,300 112,400 8,200 Exercise 9-6 Payroll-related journal entries LO P2 Assuming situation a, prepare the employer's September 30 journal entries 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. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Amount Tax Rate 80.00 Federal income tax 1.45% View transaction list Journal entry worksheet 1 Prepare the employer's September 30 journal entry to record the accrued salary expense and its related payroll liabilities for this employee. Note: Enter debits before credits. Date General Journal Debit Credit Sep 30 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Auditing Cloud Computing A Security And Privacy Guide

Authors: Ben Halpert

1st Edition

0470874740, 978-0470874745

More Books

Students also viewed these Accounting questions