BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $328.60. FICA Medicare taxes are withheld in the amount of $76.85. Federal unemployment taxes are $31.80 and State unemployment taxes are $286.20 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. Journal entry worksheet Record employer payroll tax expense.
BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $328.60. FICA Medicare taxes are withheld in the amount of $76.85. Federal unemployment taxes are $31.80 and State unemployment taxes are $286.20 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. Journal entry worksheet Record employer payroll tax expense.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $328.60. FICA Medicare taxes are
withheld in the amount of $76.85. Federal unemployment taxes are $31.80 and State unemployment taxes are $286.20 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
Journal entry worksheet
<
Record employer payroll tax expense.
Note: Enter debits before credits
Date
January 31
Racord entry
General Journal
Clear entry
Debit
Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F136a9916-8a5d-490b-a1c4-57e644d5608a%2F16d81912-6759-4678-9540-7e3ee54338e3%2Fqwvruz3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:BMX Company has one employee. FICA Social Security taxes are withheld in the amount of $328.60. FICA Medicare taxes are
withheld in the amount of $76.85. Federal unemployment taxes are $31.80 and State unemployment taxes are $286.20 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
Journal entry worksheet
<
Record employer payroll tax expense.
Note: Enter debits before credits
Date
January 31
Racord entry
General Journal
Clear entry
Debit
Credit
View general journal
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