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 transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image 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 145% 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 Gross Pay for September August 31 $5,200 2,850 123,00 $1,60 2.950 9,700 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three eparate situations (CO), and ((Round your answers to 2 decimal places.) Tas September Earnings Subject to us Tax Rate Tax Amount Focacy FUTA SUT Septemberg Subject to la Tax Rat Tax Amount Required information a) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA b) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare es FUTA SUTA c) Tax September Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA Required information The following information applies to the questions displayed below) BMX Company has one employee. FICA Social Security taxes are 6.2% of the first 5128.400 paid to its employee, and FICA Medicare taxes are 145% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 54% of the first $7,000 paid to its employee Gross Pay through August 31 $ 6,200 2,850 123,00 Gross Pay for September $1.600 2,950 9,700 C. Assuming situation (1) prepare the employer's September 30 journal entries to record salary expense and its related payroll abilit for this employee. The employee's federal income taxes withheld by the employer are 580 for this pay period Complete this question by entering your answers in the tabs below. Taxes to be Withheld From General Journal Gross Pay The employees federal income taxes withheld by the employer are 580 for this pay period. Prepare the employers September 30 journa entries to record salary expense and its related payroll abilities for this employee Round your answers to 2 decimas View warme entry was

e Complete this question by entering your answers in the tabs below. Taxes to be withheld from Gross Pay General Journal The employee's federal income taxes withheld by the employer are $80 for this from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Tax Rate Tax Amount Subject to Tax Federal income tax $ 80.00 Ge 5 + ion.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.louisvil Saved U RIU Required information entries to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 de View transaction list View journal entry worksheet No Date General Journal Debit Credit e Complete this question by entering your answers in the tabs below. Taxes to be withheld from Gross Pay General Journal The employee's federal income taxes withheld by the employer are $80 for this from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Tax Rate Tax Amount Subject to Tax Federal income tax $ 80.00 Ge 5 + ion.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.louisvil Saved U RIU Required information entries to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 de View transaction list View journal entry worksheet No Date General Journal Debit Credit

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_2

Step: 3

blur-text-image_3

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

A Complete Guide To Environmental Audits Self Policing For Environmental Protection

Authors: Elizabeth Glass Geltman

1st Edition

1570733813, 978-1570733819

More Books

Students also viewed these Accounting questions

Question

6. How do histories influence the process of identity formation?

Answered: 1 week ago