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. نفة a. b. C. Gross Pay through August 31 $ 6,800 2,400 131,800 Gross Pay for September $ 700 2,500 8,400 Exercise 9-9 (Algo) Payroll-related journal entries LO P3 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 General Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. Employer Payroll taxes es September earnings subject to tax Tax Rate Tax Amount Payroll Taxes Expense General Journal >
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. نفة a. b. C. Gross Pay through August 31 $ 6,800 2,400 131,800 Gross Pay for September $ 700 2,500 8,400 Exercise 9-9 (Algo) Payroll-related journal entries LO P3 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 General Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. Employer Payroll taxes es September earnings subject to tax Tax Rate Tax Amount Payroll Taxes Expense General Journal >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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.
نفة
a.
b.
C.
Gross Pay through
August 31
$ 6,800
2,400
131,800
Gross Pay for
September
$ 700
2,500
8,400
Exercise 9-9 (Algo) Payroll-related journal entries LO P3
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
General
Journal
Assuming situation (a), compute the payroll taxes expense.
Note: Round your answers to 2 decimal places.
Employer Payroll taxes
es
September earnings
subject to tax
Tax Rate
Tax Amount
Payroll Taxes Expense
General Journal >
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