neworkGross Pay through Gross Pay forAugust 31September$ 5,100$ 2,2002,7008,600BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICAMedicare 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 paidto its employee.2,600132,000Assuming situation (e), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and itsrelated liabilities.Complete this question by entering your answers in the tabs below.Payroll Taxes GeneralExpenseJournalAssuming situation (a), compute the payroll taxes expense.Note: Round your answers to 2 decimal places.Employer Payroll taxesSavedSeptember earningssubiect to taxTax< Prey8Tax AmountHelpor 4Next

1] Journal entry is an important part of financial statement . Journal entries is the basis of…

Answered: BMX Company has one e And ore 145%

Business

Accounting

BMX Company has one e And ore 145%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

nework
Gross Pay through Gross Pay for
August 31
September
$ 5,100
$ 2,200
2,700
8,600
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.
2,600
132,000
Assuming situation (e), 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
Expense
Journal
Assuming situation (a), compute the payroll taxes expense.
Note: Round your answers to 2 decimal places.
Employer Payroll taxes
Saved
September earnings
subiect to tax
Tax
< Prey
8
Tax Amount
Help
or 4
Next

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