Required information Use the following information for the Exercises below. (Algo) [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 August 31 $ 5,200 2,700 132,100 Gross Pay for September $ 2,400 2,800 8,700 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 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 $90 for this pay period. Answer is not complete. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal 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 $90 for this pay period. Note: Round your answers to 2 decimal places. No Date 1 September 30 General Journal Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Debit Credit × ×
Required information Use the following information for the Exercises below. (Algo) [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 August 31 $ 5,200 2,700 132,100 Gross Pay for September $ 2,400 2,800 8,700 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 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 $90 for this pay period. Answer is not complete. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal 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 $90 for this pay period. Note: Round your answers to 2 decimal places. No Date 1 September 30 General Journal Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Debit Credit × ×
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
i need the answer quickly
![5
2 of 3
Required information
Use the following information for the Exercises below. (Algo)
[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.
نفة
b.
C.
Gross Pay through
August 31
$ 5,200
2,700
132,100
Gross Pay for
September
$ 2,400
2,800
8,700
Exercise 9-8 (Algo) Payroll-related journal entries LO P2
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 $90 for this pay period.
> Answer is not complete.
Complete this question by entering your answers in the tabs below.
Taxes to be
Withheld From
Gross Pay
General
Journal
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 $90 for this pay period.
Note: Round your answers to 2 decimal places.
No
Date
1
September 30
General Journal
Payroll taxes expense
FICA-Social security taxes payable
FICA-Medicare taxes payable
Federal unemployment taxes payable
State unemployment taxes payable
×
×
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb6f1e49f-35e6-4910-b30e-989eb52de121%2F90a66e99-a3e3-4f69-97e3-e225e345d3c2%2Fdxo8roh_processed.png&w=3840&q=75)
Transcribed Image Text:5
2 of 3
Required information
Use the following information for the Exercises below. (Algo)
[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.
نفة
b.
C.
Gross Pay through
August 31
$ 5,200
2,700
132,100
Gross Pay for
September
$ 2,400
2,800
8,700
Exercise 9-8 (Algo) Payroll-related journal entries LO P2
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 $90 for this pay period.
> Answer is not complete.
Complete this question by entering your answers in the tabs below.
Taxes to be
Withheld From
Gross Pay
General
Journal
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 $90 for this pay period.
Note: Round your answers to 2 decimal places.
No
Date
1
September 30
General Journal
Payroll taxes expense
FICA-Social security taxes payable
FICA-Medicare taxes payable
Federal unemployment taxes payable
State unemployment taxes payable
×
×
Debit
Credit
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