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Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.) BMX Company has one employee. FICA Social
Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.) 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 August 31 $ 5,500 3,000 127,600 Gross Pay for September $2,300 3, 100 9,000 a . b C. Exercise 9-9 (Algo) Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes General Journal Compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll September earnings subject Tax Rate Tax Amount taxes to tax General Journal > Journal entry worksheet Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits before credits. General Journal Debit Credit Date Sep 30 Record entry View general journal Clear entry
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