Information (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. نه ده Gross Pay through August 31 $ 6,800 2,400 131,800 Gross Pay for September $ 700 2,500 8,400 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities
Information (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. نه ده Gross Pay through August 31 $ 6,800 2,400 131,800 Gross Pay for September $ 700 2,500 8,400 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Po.7.
Transcribed Image Text:Payroll Taxes
Expense
Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its relate-
Note: Round your answers to 2 decimal places.
General
Journal
View transaction list
Journal entry worksheet
< 1
Record the employer's September 30 payroll taxes expense and its related
liabilities.
Note: Enter debits before credits.
Date
September
30
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
![Required information
[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.
Gross Pay through
August 31
$ 6,800
2,400
131,800
Gross Pay for
September
$ 700
Payroll Taxes
Expense
2,500
8,400
Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its
related liabilities.
Complete this question by entering your answers in the tabs below.
General
Journal
Assuming situation (a), compute the payroll taxes expense.
Note: Round your answers to 2 decimal places.
Employer Payroll taxes
September earnings
subject to tax
Tax Rate
Payroll Taxes Expense
$
Tax Amount
Saved
0.00
General Journal >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0db0dd6d-da89-4615-8dcc-00f06ccb1842%2Fc2616675-1d67-4f79-ae29-faef3aa1e6cf%2Fpi3f5wr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[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.
Gross Pay through
August 31
$ 6,800
2,400
131,800
Gross Pay for
September
$ 700
Payroll Taxes
Expense
2,500
8,400
Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its
related liabilities.
Complete this question by entering your answers in the tabs below.
General
Journal
Assuming situation (a), compute the payroll taxes expense.
Note: Round your answers to 2 decimal places.
Employer Payroll taxes
September earnings
subject to tax
Tax Rate
Payroll Taxes Expense
$
Tax Amount
Saved
0.00
General Journal >
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