[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. c. Gross Pay through August 31 $ 6,600 2,200 131,600 Gross Pay for September $ 500 2,300 8,200 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 $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $80 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. Taxes to be withheld From Gross Pay (Employee-Paid Taxes) Federal income tax September Earnings Subject to Tax Tax Rate Tax Amount $ 80.00 < Taxes to be withheld From Gross Pay General Journal >
[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. c. Gross Pay through August 31 $ 6,600 2,200 131,600 Gross Pay for September $ 500 2,300 8,200 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 $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $80 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. Taxes to be withheld From Gross Pay (Employee-Paid Taxes) Federal income tax September Earnings Subject to Tax Tax Rate Tax Amount $ 80.00 < Taxes to be withheld From Gross Pay General Journal >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[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
$ 6,600
2,200
131,600
Gross Pay for
September
$ 500
2,300
8,200
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 $80 for this pay period.
Complete this question by entering your answers in the tabs below.
Taxes to be
Withheld From
Gross Pay
General
Journal
The employee's federal income taxes withheld by the employer are $80 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.
Taxes to be withheld From Gross Pay (Employee-Paid Taxes)
Federal income tax
September Earnings
Subject to Tax
Tax Rate
Tax Amount
$
80.00
< Taxes to be withheld From Gross Pay
General Journal >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6b8647d2-8973-4902-be2b-9213d3635947%2F56816a05-413a-40d4-b1db-64de195cc52e%2F3rv2z5b_processed.png&w=3840&q=75)
Transcribed Image Text:[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
$ 6,600
2,200
131,600
Gross Pay for
September
$ 500
2,300
8,200
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 $80 for this pay period.
Complete this question by entering your answers in the tabs below.
Taxes to be
Withheld From
Gross Pay
General
Journal
The employee's federal income taxes withheld by the employer are $80 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.
Taxes to be withheld From Gross Pay (Employee-Paid Taxes)
Federal income tax
September Earnings
Subject to Tax
Tax Rate
Tax Amount
$
80.00
< Taxes to be withheld From Gross Pay
General Journal >
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