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Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] BMX Company has one
Use the following information for the Exercises below. (Algo)
Skip to question
[The following information applies to the questions displayed below.]
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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 | Gross Pay for September | |
---|---|---|
a. | $ 5,700 | $ 1,800 |
b. | 3,200 | 3,300 |
c. | 132,600 | 9,200 |
Exercise 11-9 (Algo) Payroll-related journal entries LO P3
Assuming situation (a), prepare the employers September 30 journal entry to record the employers payroll taxes expense and its related liabilities.
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