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. The employee's gross pay is shown below. Gross Pay through August 31 $6,000 Gross Pay for September $700 Prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $70 for this pay period.
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. The employee's gross pay is shown below. Gross Pay through August 31 $6,000 Gross Pay for September $700 Prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $70 for this pay period.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format ? And Fast Answering Please ? And please explain proper steps by Step.
Transcribed Image Text:Journal entry worksheet
<
Prepare 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.
Date
September
30
Record entry
General Journal
Journal entry worksheet
<
Note: Enter debits before credits.
Date
September
30
Clear entry
Record entry
Record the employer's September 30 payroll taxes expense and its related
liabilities.
Show Transcribed Text
Debit
General Journal
Clear entry
Credit
View general journal
Debit
Credit
View general journal
>
J
![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. The employee's gross pay is shown below.
Gross Pay through
August 31
$ 6,000
Gross Pay for
September
€ 700
Prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The
employee's federal income taxes withheld by the employer are $70 for this pay period.
Complete this question by entering your answers in the tabs below.
General
Journal
Prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The
employee's federal income taxes withheld by the employer are $70 for this pay period. (Round your answers to 2 decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7b8e1547-f0e2-45fd-b208-f2c216f27c1a%2Faef421fb-a3b6-43ee-87ba-f44fd0b5f9bc%2Fgu7fmpk_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. The employee's gross pay is shown below.
Gross Pay through
August 31
$ 6,000
Gross Pay for
September
€ 700
Prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The
employee's federal income taxes withheld by the employer are $70 for this pay period.
Complete this question by entering your answers in the tabs below.
General
Journal
Prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The
employee's federal income taxes withheld by the employer are $70 for this pay period. (Round your answers to 2 decimal places.)
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