Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following information for the Exercises below. [The following information applies to the questions displayed below) BMX Company has one employee. FICA Social Security

image text in transcribed
image text in transcribed
image text in transcribed
Use the following information for the Exercises below. [The following information applies to the questions displayed below) BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128.400 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 2.950 3,050 124,000 9,900 $1,700 b Exercise 11-6 Payroll-related journal entries LO P2 Assuming situation (a)prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $60 for this pay period. Exercise 11-6 Payroll-related journal entries LO P2 3 Assuming situation (a). prepare the employer's September 30 journal entries to record salary expense and its related payroll liabili for this employee. The employee's federal income taxes withheld by the employer are $60 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be General Withheld From Gross Pay Journal The employee's federal income taxes withheld by the employer are $60 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 $ 60.00 Required information Taxes to be General Withheld From Journal Gross Pay The employee's federal income taxes withheld by the employer are $60 for this entries to record salary expense and its related payroll liabilities for this employe View transaction list 1 Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee. salary Credi Prey TO 11 of 12 search o te on will

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

Financial and Managerial Accounting

Authors: Horngren, Harrison, Oliver

3rd Edition

978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978

More Books

Students also viewed these Accounting questions

Question

5. What are the two key assumptions of self-expansion theory?

Answered: 1 week ago

Question

7. Identify six intercultural communication dialectics.

Answered: 1 week ago