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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 Soclal

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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 Soclal 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. Complete this question by entering your answers in the tabs below. Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. Record the employer's September 30 payroll taxes expense and its related liabilities. Note: Enter debits befe credits

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