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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 $128,400 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 $5,000 2,250 122,600 Assuming situation (a), 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 $90 for this pay period. Gross Pay for September $2,100 2,350 8,500 Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Tax Amount

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 $128,400 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 $5,000 2,250 122,600 Assuming situation (a), 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 $90 for this pay period. Gross Pay for September $2,100 2,350 8,500 Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Tax Amount

FINANCIAL ACCOUNTING
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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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 $128,400 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. Gross Pay through August 31 $5,000 2,250 122,600 Assuming situation (a), 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 $90 for this pay period. Gross Pay for September $2,100 2,350 Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period, Compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Tax Amount Ch
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 $128,400 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. Gross Pay through August 31 $5,000 2,250 122,600 Assuming situation (a), 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 $90 for this pay period. Gross Pay for September $2,100 2,350 Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period, Compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Tax Amount Ch
(3 4 2013 Skippe dook Hit Prist evences Assuming situation (al, 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 $90 for this pay period. Taxes to be Withheld From Gross Pay Complete this question by entering your answers in the tabs below. 122,000 Federal income tax The employee's federal income taxes withheld by the employer are $90 for this pay period. Compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) General Journal Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) Taxes to be Withheld From Gross Pay 8,500 Required information September Earnings Tax Rate Tax Amount Subject to Tax 90.00 Txes to be Withheld From Gross Pay Date Sep 30 General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 decimal places) View transaction list Journal entry worksheet < Note: Enter debits before credes Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee. General Journal > General Journal Debit Credit
Transcribed Image Text:(3 4 2013 Skippe dook Hit Prist evences Assuming situation (al, 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 $90 for this pay period. Taxes to be Withheld From Gross Pay Complete this question by entering your answers in the tabs below. 122,000 Federal income tax The employee's federal income taxes withheld by the employer are $90 for this pay period. Compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) General Journal Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) Taxes to be Withheld From Gross Pay 8,500 Required information September Earnings Tax Rate Tax Amount Subject to Tax 90.00 Txes to be Withheld From Gross Pay Date Sep 30 General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. (Round your answers to 2 decimal places) View transaction list Journal entry worksheet < Note: Enter debits before credes Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee. General Journal > General Journal Debit Credit
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