BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $117,000 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 2.9% of the first $7,000 paid to its employee.| Gross Pay through August | Gross Pay for September ||--------------------------|-------------------------|| $6,400 | $800 |Prepare the employer’s September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $80 for this pay period. (Round your answers to 2 decimal places.) ## Journal Entry Worksheet### TaskPrepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee.**Note:** Enter debits before credits.### Entry Table| Date | General Journal | Debit | Credit ||--------|-----------------|-------|--------|| Sep 30 | | | || | | | || | | | || | | | || | | | |### Actions- **Record entry**: Click to save the journal entry.- **Clear entry**: Click to remove all inputted data.- **View general journal**: Click to view the full general journal.This worksheet is designed to assist with accurately documenting financial transactions, specifically focusing on salary-related entries as of September 30.

Payroll Payroll is the procedure for paying staff of a firm, to put it simply. It entails gathering…

repare the employer's September 30 journal entries to record salary expense and its elated payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. (Round your answers to 2 ecimal places!

repare the employer's September 30 journal entries to record salary expense and its elated payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. (Round your answers to 2 ecimal places!

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume the following payroll information for Lizzie Border: Gross Pay $10,000 Income tax $2,500 FICA Social Security $620 FICA Medicare $145 What is included in the journal entry to record the employer amounts of the payroll? Assume gross salary maximums have not been reached. FICA Medicare taxes payable $145 Employer portion of income tax $2,500 Salaries expense of $6,740 Salaries payable of $10,000
My other question did not have the completed time card attached. The completed timecard is attached below. Complete the payroll register for Bill Brown for the pay period ending on August 31. Fill in the regular, overtime, and total earnings from the time card. Calculate Bill’s federal income tax using the IRS Employee Income Tax Withholding table for a semimonthly pay period (see https://www.irs.gov/pub/irs-pdf/p15t.pdf). Calculate Social Security tax at 6.2% and Medicare tax at 1.45%. Bill elected to withhold 10% of his earnings for retirement and 5% for health insurance. Calculate Net Pay. Bill will be paid with Check No. 1145.
The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. You do not need to complete the number of hours. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee S. Bergstrom C. Pare L. Van der Hooven S. Lightfoot Filing Status, Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 Pay Union Dues per Period S 1,715 $ 3,880 S S 3,605 $ 3,230 69 Garnishment per Period $ 120 240 $ 69 50 75 100 Net Pay
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The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.55 percent of taxable pay. No employee has exceeded the maximum FICA limit. (Round your intermediate calculations and final answers to 2 decimal places.) > Answer is complete but not entirely correct. Employee S. Bergstrom C. Pare Filing Status, Dependents MJ-0 MJ-2 (<17) Pay $ 1,860 Union Dues per Period Garnishment per Period Net Pay $ 50 $ 1,910.00 $ 3,820 $ 120 $ 3,700.00 X L. Van der S-1 (Other) $ 3,545 $ 240 $ 75 $ 3,230.00 Hooven S.Lightfoot MJ-0 $ 3,170 100 3,070.00
During the past week, one of your newly employed payroll associates dropped into your office to ask severalquestions regarding wage reporting for federal incomeand social security tax purposes. If you were the payrollsupervisor, how would you answer each of the followingquestions raised by your associate?1. I just noticed that the social security number is wrongon three of the employees’ W-2 forms. How do I goabout correcting the forms? Will the employees bepenalized for filing incorrect forms?2. Eileen Huang informed me today that we hadwithheld too much Medicare tax from her pay lastyear. She is right! What forms do I use to make thecorrection?3. You asked me last week to locate one of our formeremployees, Warren Bucks. I can’t seem to track himdown. What should I do with his Form W-2?4. Is it okay to use titles like “M.D.” and “Esq.” when Ikeyboard data in the W-2 forms?
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Payroll: Record Employer Payroll Tax Journal Entry
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