[The following information applies to the questionsdisplayed below.]BMX Company has one employee. FICA Social Securitytaxes are 6.2% of the first $137,700 paid to its employee, andFICA Medicare taxes are 1.45% of gross pay. For BMX, itsFUTA taxes are 0.6% and SUTA taxes are 5.4% of the first$7,000 paid to its employee.Gross Pay throughAugust 31$ 6,6002,200131,600Gross Pay forSeptember$ 500а.b.2,3008,200C.Assuming situation (a), prepare the employer's September 30journal entry to record the employer's payroll taxes expenseand its related liabilities.Complete this question by entering your ansPayroll TaxesGeneralExpenseJournalPrepare the employer's September 30 journal entrpayroll taxes expense and its related liabilities. (Rdecimal places.)View transaction listJournal entry worksheet1Record the employer's September 30 payroll taxes expense and its relatedliabilities.Note: Enter debits before credits.DateGeneral JournalDebitCreditSeptember30 [The following information applies to the questionsdisplayed below.]BMX Company has one employee. FICA Social Securitytaxes are 6.2% of the first $137,700 paid to its employee, andFICA Medicare taxes are 1.45% of gross pay. For BMX, itsFUTA taxes are 0.6% and SUTA taxes are 5.4% of the first$7,000 paid to its employee.Gross Pay throughAugust 31$ 6,6002,200131,600Gross Pay forSeptember$ 5002,3008,200a.b.с.Assuming situation (a), prepare the employer's September 30journal entry to record the employer's payroll taxes expenseand its related liabilities.Complete this question by entering your answersPayroll TaxesExpenseGeneralJournalAssuming situation (a), compute the payroll taxes expeto 2 decimal places.)September earningssubject to taxEmployer Payroll taxesTax RateTax Amount

Journal entry is to primary step to record transaction in the books of account. The amount debit and…

(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. Gross Pay through Gross Pay for September $ 500 2,300 8,200 August 31 $ 6,600 2,200 131, 600 b. c. Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your ans Payroll Taxes Expense General Journal Prepare the employer's September 30 journal entr payroll taxes expense and its related liabilities. (R decimal places.)

(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. Gross Pay through Gross Pay for September $ 500 2,300 8,200 August 31 $ 6,600 2,200 131, 600 b. c. Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Complete this question by entering your ans Payroll Taxes Expense General Journal Prepare the employer's September 30 journal entr payroll taxes expense and its related liabilities. (R decimal places.)

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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[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…
Peyton Company's payroll for the year is $741,150. Of this amount, $472,770 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: Net FUTA tax
An appliance company has three installers. Larry earns $395 per week, Curly earns $490 per week, and Moe earns $595 per week. The company's SUTA rate is 5.4%, and the FUTA rate is 6.0% minus the SUTA. As usual, these taxes are paid on the first $7,000 of each employee's earnings. (a) How much SUTA and FUTA tax (in $) does the company owe for the first quarter of the year? total SUTA tax $ 1134 total FUTA tax $126 X X
ss
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $9,138. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 0.6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,516.27. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiple Choice $6,488.67 О $7,055.17 О $7,813.84 О $6,866.67 $6,922.67 B
An employee earned $60,700 during the year working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137,700 of employee earnings per calendar year, and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of total unemployment taxes the employee must pay? Multiple Choice O O $434.00 $56.00 $101.50 $378.00 $0.00
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Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,838. The Federal Insurance Contributions Act (FICA) tax for social security is 6.2% of the first $137,700 of employee earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate of 0.6% and the State Unemployment Taxes (SUTA) tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,466.47. Her net pay for the month is: (Round your intermediate calculations to two decimal places.) Multiple Choice $7,586.59 $6,695.42 $6,639.42 $6,261.42 $6,823.57
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.
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 $ 6,200 Julie W $ 144,500 Christina S $ 140,400 Tim V 41,400 Michael M 107,900 Kitty O 37,900 Steve S 88,000 Zach R 137,700 John W 5,000 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.
21. Family Flowers employs 17 people, of whom 14 earn gross pay of $660.00 each and 3 earn gross pay of $740.00 each on a weekly basis. What is the employer's share of total Social Security and Medicare taxes for the first quarter of the year? (Social security tax is 6.2% of wages up to $128,400. Medicare tax is 1.45% of all wages.) $660.00 $740.00 $890.68 $11,396.97