[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 $ 6,300 2,600 133,200 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Payroll Taxes Expense 1 Complete this question by entering your answers in the tabs below. September $ 1,800 General Journal 2,700 9,800 View transaction list Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round your answers to 2 decimal places. Record the employer's September 30 payroll taxes expense and its related liabilities. X
[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 $ 6,300 2,600 133,200 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Payroll Taxes Expense 1 Complete this question by entering your answers in the tabs below. September $ 1,800 General Journal 2,700 9,800 View transaction list Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round your answers to 2 decimal places. Record the employer's September 30 payroll taxes expense and its related liabilities. X
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1CP
Related questions
Question
![[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
$ 6,300
2,600
133,200
Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its
related liabilities.
1
Complete this question by entering your answers in the tabs below.
Payroll Taxes
Expense
September
$ 1,800
2,700
9,800
General
Journal
Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities.
Note: Round your answers to 2 decimal places.
View transaction list
Record the employer's September 30 payroll taxes
expense and its related liabilities.
X
lated](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8aa0e649-7d9d-4eef-b9bf-7f22732d0bcd%2F962cac5e-788e-450b-b40e-1ee67a9ab9e8%2F4ifz7ed_processed.jpeg&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 Gross Pay for
August 31
$ 6,300
2,600
133,200
Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its
related liabilities.
1
Complete this question by entering your answers in the tabs below.
Payroll Taxes
Expense
September
$ 1,800
2,700
9,800
General
Journal
Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities.
Note: Round your answers to 2 decimal places.
View transaction list
Record the employer's September 30 payroll taxes
expense and its related liabilities.
X
lated
![[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
September
$ 6,300
$ 1,800
2,600
2,700
133,200
9,800
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 answers in the tabs below.
Payroll Taxes
Expense
General
Journal
Assuming situation (a), compute the payroll taxes expense.
Note: Round your answers to 2 decimal places.
Employer Payroll taxes
September earnings
subject to tax
Tax Rate
$
Tax Amount
0.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8aa0e649-7d9d-4eef-b9bf-7f22732d0bcd%2F962cac5e-788e-450b-b40e-1ee67a9ab9e8%2F86cquyx_processed.jpeg&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 Gross Pay for
August 31
September
$ 6,300
$ 1,800
2,600
2,700
133,200
9,800
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 answers in the tabs below.
Payroll Taxes
Expense
General
Journal
Assuming situation (a), compute the payroll taxes expense.
Note: Round your answers to 2 decimal places.
Employer Payroll taxes
September earnings
subject to tax
Tax Rate
$
Tax Amount
0.00
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