[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 August 31 $ 399 Gross Pay for September 13.000
[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 August 31 $ 399 Gross Pay for September 13.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
D1.
Account
![Required Information
[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.
Gross Pay through
August 31
$ 5,200
2,700
132,100
Assuming situation (a), prepare the employer's September 30 Journal entry to record salary expense and its related payroll
llabilities 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
No
Gross Pay for
September
$ 2,400
2,800
8,700
General
Journal
Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilit
this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period.
Note: Round your answers to 2 decimal places.
View transaction list
1
View journal entry worksheet
Date
September 30 Salaries expense
General Journal
FICA-Medicare taxes payable
Employee federal income taxes payable
Salaries payable
Taxes to be Withheld From Gross Pay
Debit
2,400.00
General Journal
Credit
34.80
90.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcd96efc3-2f98-4cac-898c-7da2d5d05bd8%2Fdb226c0d-1480-4629-b2c0-306a52d35114%2Ftgawgkl_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[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.
Gross Pay through
August 31
$ 5,200
2,700
132,100
Assuming situation (a), prepare the employer's September 30 Journal entry to record salary expense and its related payroll
llabilities 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
No
Gross Pay for
September
$ 2,400
2,800
8,700
General
Journal
Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilit
this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period.
Note: Round your answers to 2 decimal places.
View transaction list
1
View journal entry worksheet
Date
September 30 Salaries expense
General Journal
FICA-Medicare taxes payable
Employee federal income taxes payable
Salaries payable
Taxes to be Withheld From Gross Pay
Debit
2,400.00
General Journal
Credit
34.80
90.00
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