Required information [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 $5,000 2,500 131,900 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 Expense Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) Payroll Taxes Expense Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and elated liabilities. Gross Pay for September $ 2,100 2,600 8,500 General Journal Complete this question by entering your answers in the tabs below. 1 General Journal Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax Employer Payroll taxes Date September 30 Note: Enter debits before credits. Tax Rate $ General Journal Tax Amount Record the employer's September 30 payroll taxes expense and its related liabilities. 0.00 General Journal > Debit Credit
Required information [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 $5,000 2,500 131,900 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 Expense Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) Payroll Taxes Expense Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and elated liabilities. Gross Pay for September $ 2,100 2,600 8,500 General Journal Complete this question by entering your answers in the tabs below. 1 General Journal Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax Employer Payroll taxes Date September 30 Note: Enter debits before credits. Tax Rate $ General Journal Tax Amount Record the employer's September 30 payroll taxes expense and its related liabilities. 0.00 General Journal > Debit Credit
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1CP
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