Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This may seem like two questions but it's one. The professor just condensed it into more than one part. Also thank you so much for

This may seem like two questions but it's one. The professor just condensed it into more than one part. Also thank you so much for the help image text in transcribed
image text in transcribed
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 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 Gross Pay for August 31 September $ 6,400 $ 800 2,000 2,100 126,600 8,000 a. Assuming situation (a), prepare the employer's September 30 journal entry 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. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From General Journal Gross Pay 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 Tax Amount Subject to Tax Federal income tax $ 80.00 General Journal > Tumesto be with more Pay A tu ve Required information , ) entry to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 decimal places.) 3 View transaction list Journal entry worksheet 1 Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee Note: Enter debits before credits. Date General Journal Debit Credit Sep 30 nces 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

Accounting Regulation In Europe

Authors: McLeay Stuart

1st Edition

0333694600, 9780333694602

More Books

Students also viewed these Accounting questions