Line following information applies to the questions displayed below.j 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. a. b. Gross Pay through Gross Pay for August 31 $ 6,300 2,600 133, 200 September $1,800 2,700 9,888 Check Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxe
Line following information applies to the questions displayed below.j 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. a. b. Gross Pay through Gross Pay for August 31 $ 6,300 2,600 133, 200 September $1,800 2,700 9,888 Check Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxe
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Op.30.
Transcribed Image Text:Line following information applies to the questions displayed pelow.
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.
b.
C.
Gross Pay through Gross Pay for
August 31
$ 6,300
2,600
133, 200
September
$1,888
2,788
9,808
Check m
Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes
Transcribed Image Text:D
Payroll Taxes
Expense
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
Date
September
30
Note: Enter debits before credits.
Tax Rate
General Journal
Tax Amount
Record the employer's September 30 payroll taxes expense and its related
liabilities.
$
0.00
Debit
Credit
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