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. a. b. C. Gross Pay through Gross Pay for August 31 $ 5,700 3,200 132,600 suming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities is 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. Taxes to be Withheld From Gross Pay September $ 1,800 3,300 9,200 General Journal The employee's federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) ederal income tax Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Tax Amount $ 70.00

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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H2.

Account

 

4
Part 1 of 2
01:53:41
!
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.
b.
Gross Pay through
August 31
$ 5,700
3,200
132,600
Assuming situation (a), 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.
Taxes to be
Withheld From
Gross Pay
Gross Pay for
September
$ 1,800
3,300
9,200
General
Journal
The employee's federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), compute
the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.)
Federal income tax
Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)
September Earnings Tax Rate
Subject to Tax
Tax Amount
$
70.00
Transcribed Image Text:4 Part 1 of 2 01:53:41 ! 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. b. Gross Pay through August 31 $ 5,700 3,200 132,600 Assuming situation (a), 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. Taxes to be Withheld From Gross Pay Gross Pay for September $ 1,800 3,300 9,200 General Journal The employee's federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Federal income tax Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Tax Rate Subject to Tax Tax Amount $ 70.00
Chapter 9 Exam Problems
4
Part 1 of 2
01:53:28
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.
a.
b.
C.
Gross Pay through Gross Pay for
August 31
September
Taxes to be
Withheld From
Gross Pay
$ 5,700
3,200
132,600
Assuming situation (a), 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
View transaction list
1
$ 1,800
3,300
9,200
Assuming situation (a), 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.)
Journal entry worksheet
Date
September
30
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.
Saved
General Journal
Debit
Credit
Transcribed Image Text:Chapter 9 Exam Problems 4 Part 1 of 2 01:53:28 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. a. b. C. Gross Pay through Gross Pay for August 31 September Taxes to be Withheld From Gross Pay $ 5,700 3,200 132,600 Assuming situation (a), 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 View transaction list 1 $ 1,800 3,300 9,200 Assuming situation (a), 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.) Journal entry worksheet Date September 30 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. Saved General Journal Debit Credit
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