(The following information apples to the questions displayed belowBMX 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 06% and SUTA taves are 54% of the first $7000 paidto its empioyee.Gross Pay throughAugust 313.6,7002,300131, 700Gross Pay forSeptember5400, 0eExercise 9-8 (Algo) Payroll-related Journal entrles LO P2Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payrol liabilities forthis 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 PayGeneralJournalAssuming 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. (Round your ansvwers to 2decimal places.)View transaction listJournal entry worksheetPrepare the employer's Septermber 30 journal entry to record accrued salaryexpense and its related payroll liabilities for this employee.Note: Enter debits before oreditsCateGeneral JournalDebitCreditSeptember30 Required InformatlonUse the following information for the Exercises below. (Algo)(The following information applies to the questions displayed belowBMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICAMedicare takes are 1,45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 paidto its employee.Gross Pay throughAugust 3116,7002, 100131,700Gross Pay forSeptenber$ 4002,400H, 300a.b.Exercise 9-8 (Algo) Payroll-related Journal entrles LO P2Assuming 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.Complete this question by entering your answers in the tabs below.Taxes to beWithheld FromGross PayGeneralJoumalThe 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. (Rouryour answers to 2 decimal places.)Taxes to be Withheld From Gross Pay (Employee-Paid Tares)September EamingsSubject to TaxTax RateTax AmountFederal income tax90.00General Jourmal>

The amount used to compute an employee's earnings (hourly) or salary is referred to as gross pay…

(The following information apples 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 06% and SUTA taves are 5.4% of the first $7,000 paid to its employee Gross Pay through August 31 3.6,700 2,300 131,700 Gross Pay fon September Exercise 9-8 (Algo) Payroll-related Journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record selary 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. Complete this question by entering your answers in the tabs below

(The following information apples 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 06% and SUTA taves are 5.4% of the first $7,000 paid to its employee Gross Pay through August 31 3.6,700 2,300 131,700 Gross Pay fon September Exercise 9-8 (Algo) Payroll-related Journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record selary 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. Complete this question by entering your answers in the tabs below

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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Po.7.
Uramilaben
[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 Exercise 11-8 (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 $70 for this pay period. Taxes to be Withheld From Gross Pay September $ 1,800 Complete this question by entering your answers in the tabs below. 3,300 9,200 General Journal Federal income tax The employee's federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), compute the…
go.8
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 $ 6,400 2,700 133,300 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 $60 for this pay period. Taxes to be Withheld From Gross Pay Gross Pay for September $ 1,700 Complete this question by entering your answers in the tabs below. 2,800 9,900 General Journal Federal income tax The employee's federal income taxes withheld by the employer are $60 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.) Taxes to be Withheld From Gross Pay…
What is toms net pay per month and what does he pay in FICA taxes?
Gadubhai
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 $ 6,100 2,100 133,000 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. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay Gross Pay for September $ 1,400 2,200 9,600 General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places. Federal income tax Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax…
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Compute the FICA taxes for both employee and employer given the following independent scenarios for The Fish House: The gross payroll total for all employees this month is $30,000. Assume that all employees' wages fall below the Social Security limit. 1 2 1 2 The gross payroll total for all employees this month is $30,000. The amount of employees' wages that fall below the Social Security limit is $25,000. Total FICA taxes Total FICA taxes $ $ 2295 1912.50
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