BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $316.20. FICA Medicare taxes are withheld in the amount of $73.95. Federal unemployment taxes are $30.60 and State unemployment taxes are $275.40 for this pay period. Medical Insurance of $242.25 is withheld as requested by the employee and federal income taxes are $607.05. Use this information to record below the journal entry for the employer's payroll tax expense for this first pay period of the year in January. Note: Round your answers to 2 decimal places. View transaction list View journal entry worksheet No 1 Date January 31 General Journal Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Debit 696.15 Credit 316.20 73.95 30.60 275.40
BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $316.20. FICA Medicare taxes are withheld in the amount of $73.95. Federal unemployment taxes are $30.60 and State unemployment taxes are $275.40 for this pay period. Medical Insurance of $242.25 is withheld as requested by the employee and federal income taxes are $607.05. Use this information to record below the journal entry for the employer's payroll tax expense for this first pay period of the year in January. Note: Round your answers to 2 decimal places. View transaction list View journal entry worksheet No 1 Date January 31 General Journal Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Debit 696.15 Credit 316.20 73.95 30.60 275.40
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
![BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $316.20. FICA Medicare taxes are withheld
in the amount of $73.95. Federal unemployment taxes are $30.60 and State unemployment taxes are $275.40 for this pay period.
Medical Insurance of $242.25 is withheld as requested by the employee and federal income taxes are $607.05. Use this information
to record below the journal entry for the employer's payroll tax expense for this first pay period of the year in January.
Note: Round your answers to 2 decimal places.
View transaction list View journal entry worksheet
No
1
Date
January 31
General Journal
Payroll taxes expense
FICA-Social security taxes payable
FICA-Medicare taxes payable
Federal unemployment taxes payable
State unemployment taxes payable
Debit
696.15
Credit
316.20
73.95
30.60
275.40](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e875ad4-40c4-4917-860a-f956a94fa3f5%2Fc63180e0-f6f3-4b3d-bb27-5f100dd79ffb%2Fow95e3_processed.png&w=3840&q=75)
Transcribed Image Text:BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $316.20. FICA Medicare taxes are withheld
in the amount of $73.95. Federal unemployment taxes are $30.60 and State unemployment taxes are $275.40 for this pay period.
Medical Insurance of $242.25 is withheld as requested by the employee and federal income taxes are $607.05. Use this information
to record below the journal entry for the employer's payroll tax expense for this first pay period of the year in January.
Note: Round your answers to 2 decimal places.
View transaction list View journal entry worksheet
No
1
Date
January 31
General Journal
Payroll taxes expense
FICA-Social security taxes payable
FICA-Medicare taxes payable
Federal unemployment taxes payable
State unemployment taxes payable
Debit
696.15
Credit
316.20
73.95
30.60
275.40
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