BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137700 paid to to employee, and FICA Medicare taxes are 145% of gross pay For MX, Its FUITA taxes are 06% and SUTA taxes are 5.4% of the first $7,000 paid to its employee Gress Pay through August 11 $5,20 2,20 Gross Pay for September $3, 2,300 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming station ja, prepare the employer's September 30 journal entry to record salary expense and its related payroll table this employee. The employee's federal income taxes withheld by the employer are $80 for the pey penod Complete this question by entering your answers in the tabs below. Tax to be thheld from The amployee's federal income taxes vithheld by the employer are $80 for this pay period. Assuming situation (a), compune the raves to be withheld from gross pay for this employee. Note: Round your anaves to 2 decimal place Taxes to be Withheld From Gross Pay Employee-Paid T Federal income September Earnings Sufpect to Tax Tax Rate Tax Amount 80.00
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137700 paid to to employee, and FICA Medicare taxes are 145% of gross pay For MX, Its FUITA taxes are 06% and SUTA taxes are 5.4% of the first $7,000 paid to its employee Gress Pay through August 11 $5,20 2,20 Gross Pay for September $3, 2,300 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 Assuming station ja, prepare the employer's September 30 journal entry to record salary expense and its related payroll table this employee. The employee's federal income taxes withheld by the employer are $80 for the pey penod Complete this question by entering your answers in the tabs below. Tax to be thheld from The amployee's federal income taxes vithheld by the employer are $80 for this pay period. Assuming situation (a), compune the raves to be withheld from gross pay for this employee. Note: Round your anaves to 2 decimal place Taxes to be Withheld From Gross Pay Employee-Paid T Federal income September Earnings Sufpect to Tax Tax Rate Tax Amount 80.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

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 06% and SUTA taxes are 5.4% of the first $7,000 paid
to its employee
Gress Pay through
August 11
$5,200
2,200
Grill Pay For
September
$1,00
2,300
9,700
Exercise 9-8 (Algo) Payroll-related journal entries LO P2
Assuming situation (a, prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities fo
this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period
Complete this question by anturing your answers in the tabs below.
Taxes to be
Withheld from
Gray
The employee's federal income taxes withheld by the employer are $80 for this pay period. Assuming situation (a), compute
the taxes to be withheld from gross pay for this employee
Note: Round your arasers to 2 decimal places
Taxes to be Withheld From Gross Pay (Employee-Paid T
Federal income tax
September Earnings
Subject to Tax
Tax Rate
Tax Amount
80.00
General Journal >
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