BMX Company has one
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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. The employee's gross pay is shown below.
Gross Pay through
August 31
$6,500
Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities.
Gross Pay for
September
$ 1,900
Complete this question by entering your answers in the tabs below.
General
Journal
Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. (Round your
answers to 2 decimal places.)
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[The following information applies to the questions displayed below.]
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. The employee's gross pay is shown below.
Gross Pay through
August 31
$6,500
Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities.
Gross Pay for
September
$ 1,900
Complete this question by entering your answers in the tabs below.
General
Journal
Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. (Round your
answers to 2 decimal places.)
View transaction list
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