Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

[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

image text in transcribedimage text in transcribed

[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 August 31 $ 6. see 2.280 122,5ee Gross Pay for September $ 700 2.300 C. 8.480 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 $70 for this pay period. Complete this question by entering your answers in the tabs below. Employee Paid Taxes General Journal Assuming situation a, calculate the employee-paid taxes. The employee's federal income taxes withheld by the employer are $70 for this pay period. Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Tax Rate Tax Amount Subiect to Tax $ 70.00 Federal income tax Journal entry worksheet 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 General Journal Debit Credit Date 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

More Books

Students also viewed these Accounting questions

Question

Prepare an ID card of the continent Antarctica?

Answered: 1 week ago

Question

What do you understand by Mendeleev's periodic table

Answered: 1 week ago