Answered step by step
Verified Expert Solution
Link Copied!

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 has one employee.

image text in transcribed
image text in transcribed
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. (Algo) [The following information applies to the questions displayed below] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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. (1) Required information \begin{tabular}{|l|r|c|c|} \hline c) & \multicolumn{1}{|c|}{SeptemberEarningsSubjecttoTax} & Tax Rate & TaxAmount \\ \hline Tax & & & \\ \hline Security & 9,200.00 & 1.45% & 133,40 \\ \hline FICA-Medicare & 0 & & \\ \hline FUTA & 0 & & \\ \hline SUTA & & & \\ \hline \end{tabular} Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabili this employee. The employee's federal income taxes withheld by the employer are $70 for this pay period. Complete this question by entering your answers in the tabs below. The employee's federal income taxes withheld by the employer are $70 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.) Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll iabilities for this employee. The employee's federal income taxes withheid by the employer are $70 for this pay period. Complete this question by entering your answers in the tabs below. Assuming situation (a), prepare the employer's September 30 joumal entry to record salary expense and its related payrell ilabilities for this employee. The employee's federal income taxes withheld by the employer are $70 for this pay period. (Round your answers to 2 decimal places.) Exercise 9-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes related liabilities. Complete this question by entering your answers in the tabs below. Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) Journal entry worksheet Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits beforre credits

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

The Operational Auditing Handbook Auditing Business And IT Processes

Authors: Andrew Chambers, Graham Rand

2nd Edition

0470744766, 978-0470744765

More Books

Students also viewed these Accounting questions

Question

an element of formality in the workplace between different levels;

Answered: 1 week ago