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Use the following information for the Exercises below. (Static) (The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social
Use the following information for the Exercises below. (Static) (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. a. b. Gross Pay through August 31 Gross Pay for September $ 6,400 $ 800 2,000 2,100 131,400 8,000 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 Gross Pay General Journal The employee's federal income taxes withheld by the employer are $80 for this pay period. Assuming situation (a), 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 FICASocial Security $ 500.00 6.20% 31.00 FICAMedicare 500.00 1.45% 7.25 Total taxes withheld $ 118.25 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 General Withheld From Journal Gross Pay 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. (Round your answers to 2 decimal places.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 September 30 Salaries expense 500.00 31.00 7.25 FICASocial security taxes payable FICA-Medicare taxes payable Income taxes payable Salaries payable 80.00 381.75
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