[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 FICAMedicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paidto its employee.a.b.C.Gross Pay through Gross Pay forAugust 31September$ 6,300$ 1,8002,6002,700133,2009,800Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities forhis employee. The employee's federal income taxes withheld by the employer are $90 for this pay period.Complete this question by entering your answers in the tabs below.Taxes to beWithheld FromGross PayGeneralJournalThe employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), computethe taxes to be withheld from gross pay for this employee.Note: Round your answers to 2 decimal places.Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)September EarningsSubject to TaxTax RateFederal income taxTaxes to be Withheld From Gross PayTax Amount90.00General Journal Taxes to beWithheld FromGross PayAssuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities forthis 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.GeneralJournalView transaction listJournal entry worksheet1Prepare the employer's September 30 journal entry to record accrued salaryexpense and its related payroll liabilities for this employee.Note: Enter debits before credits.DateSeptember30Record entryGeneral JournalClear entryDebitCreditView general journal

FICA - Social Security and MedicareFederal payroll taxes under the Federal Insurance Contributions…

Taxes to be Withheld From Gross Pay 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. General Journal View transaction list Journal entry worksheet 1 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 General Journal Debit Credit

Taxes to be Withheld From Gross Pay 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. General Journal View transaction list Journal entry worksheet 1 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 General Journal Debit Credit

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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