Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sen my work O w s What is correct or Inc Required Information [The following information applies to the questions displayed below) Part 2 of

image text in transcribed

Sen my work O w s What is correct or Inc Required Information [The following information applies to the questions displayed below) Part 2 of 3 BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127.200 paid 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 paid to its employee points Gross Pay through August 31 $ 6,480 2,888 120,900 Gross Pay for September $ 800 2,109 8,888 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Employee Paid General Journal axes Assuming situation a, calculate the employee-paid taxes. The employee's federal income taxes withheld by the employer are 580 for this pay period. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Emplbyde Paid Taxes) September Tax | Earnings Subject Tax Rate I Amount An to Tax Federal income tax 80.00 FICA-Social 1.800.00 0.20% 111.60 Security FICA-Medicare 1.300.00 1.45% Total taxes withheld $ 217.70 25.10 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

More Books

Students also viewed these Accounting questions

Question

using signal flow graph

Answered: 1 week ago