(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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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…
Gross wages at the Timberwolf Company are $100,000. The Social Security tax rate is 6.0% The Medicare tax rate is 1.5% Amount withheld from employee paychecks for the United Way, a charitable organization, is $2,000. Amount withheld from employee paychecks for retirement savings is $4,000. Make the journal entry (debit and credits) for recording the payroll.
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $132,900 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Ken S Tim V Steve S Cumulative Pay $ 6,000 40,400 87,000 Employee Julie W Michael M Zach R Required A Required B Cumulative Pay $ 143,500 106,900 132,900 FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes 1. Compute the amounts in this table for each employee. 2. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Complete this question by entering your answers in the tabs below. Tax Paid by Employee Employee Christina S For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Note: Round your final answers to 2 decimal…
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Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay Ken S $ 5,000 Julie W $ 146, 500 Christina S $ 140, 800 Tim V 43, 400 Michael M 109,900 Kitty O 39,900 Steve S 90,000 Zach R 137,700 John W 6, 600 Compute the amounts in this table for each employee. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Hint: Remember to include in those totals any employee share of taxes that the company must collect.
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Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay Ken S $ 6,500 Michelle W $ 146,000 Lori K $ 133,400 Tim V 42,900 Michael M 109,400 Kitty O 39,400 Steve S 89,500 Zach R 130,900 John W 6,500 a. Compute the amounts in this table for each employee.b. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes
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BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 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. Gross Pay through August 31 Gross Pay for September a. $ 6,500 $ 1,900 b. 2,800 2,900 c. 128,600 10,000 Assuming situation (a), prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities.