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

(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, ts 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 August 31 September 5,100 $ 2,200 2,300 2,400 122,700 8,600 $ 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 or this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be General Withheld From Journal Gross Pav The employee's federal income taxes withheld by the employer are $80 for this pay period. Compute the taxes to be withheld 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 Subject to Tax Tax Amount Federal income tax $ 80.00 (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, ts 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 August 31 September 5,100 $ 2,200 2,300 2,400 122,700 8,600 $ 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 or this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be General Withheld From Journal Gross Pav The employee's federal income taxes withheld by the employer are $80 for this pay period. Compute the taxes to be withheld 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 Subject to Tax Tax Amount Federal income tax $ 80.00

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

Mergers Acquisitions And Other Restructuring Activities

Authors: Donald DePamphilis

11th Edition

012819782X, 978-0128197820

More Books

Students also viewed these Finance questions

Question

Solve the following equation. x - x - 5 = 1

Answered: 1 week ago