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. The employee's gross pay is shown below. Gross Pay through August 31 $ 6,500 Gross Pay for September $ 1,900 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. General Journal 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.)
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. The employee's gross pay is shown below. Gross Pay through August 31 $ 6,500 Gross Pay for September $ 1,900 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. General Journal 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Explain and solve
![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. The employee's gross pay is shown below.
Gross Pay through
August 31
$ 6,500
Gross Pay for
September
$ 1,900
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.
General
Journal
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.)
S](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F76c78a43-228d-485d-a6cf-d30956c84b3b%2F38132048-3090-49cd-a2a9-5bb8e5cefa2f%2Fimc79zp_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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. The employee's gross pay is shown below.
Gross Pay through
August 31
$ 6,500
Gross Pay for
September
$ 1,900
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.
General
Journal
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.)
S
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