mn.9 BMX 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 $7,000 paldto its employee.a.Gross Pay throughAugust 31$ 5,0002,500131,900Gross Pay forSeptember$ 2,1002,6008,500Exercise 9-8 (Algo) Payroll-related journal entries LO P2Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities forthis employee. The employee's federal income taxes withheld by the employer are $90 for this pay period.Complete this question by entering your answers in the tabs below.Taxes to beWithheld FromGross PayGeneralJournalAssuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities forthis employee. The employee's federal income taxes withheld by the employer are $90 for this pay period.Note: Round your answers to 2 decimal places.View transaction listJournal entry worksheetPrepare the employer's September 30 journal entry to record accrued salaryexpense and its related payroll liabilities for this employee.Note: Enter debits before credits.DateSeptember30General JournalDebitCreditRecord entryClear entryView general Journal

Payroll is the collective term used to define the payments related to employees’ salaries or wages.…

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and Fl 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 p to its employee. Gross Pay through August 31 $ 5,000 2,500 131,900 Gross Pay for September $2,100 2,600 8,500 rcise 9-8 (Algo) Payroll-related journal entries LO P2 uming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll lla employee. The employee's federal income taxes withheld by the employer are $90 for this pay period.

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and Fl 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 p to its employee. Gross Pay through August 31 $ 5,000 2,500 131,900 Gross Pay for September $2,100 2,600 8,500 rcise 9-8 (Algo) Payroll-related journal entries LO P2 uming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll lla employee. The employee's federal income taxes withheld by the employer are $90 for this pay period.

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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