Please do not give solution in image format ? And Fast Answering Please ? And please explain proper steps by Step ? 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 FICAMedicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paidto its employee.a.b.C.Gross Pay throughAugust 31$ 5,4002,900132,300Gross Pay forSeptember$ 2,4003,0008,900Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and itsrelated liabilities.Complete this question by entering your answers in the tabs below.Payroll TaxesGeneralJournalExpenseAssuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.)September earningssubject to taxEmployer Payroll taxesTax Rate< Payroll Taxes Expense$Tax Amount0.00General Journal > Payroll TaxesExpensePrepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. (Round youranswers to 2 decimal places.)GeneralJournalView transaction listJournal entry worksheet1Record the employer's September 30 payroll taxes expense and its relatedliabilities.Note: Enter debits before credits.DateSeptember30Record entryGeneral JournalClear entryDebitCreditView general journal

The sum that an employer pays to its workers in return for services provided for a given time frame…

[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 $ 5,400 2,900 132,300 Gross Pay for September $ 2,400 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its elated liabilities. General Journal 3,000 8,900 Complete this question by entering your answers in the tabs below. Payroll Taxes Expense Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax Employer Payroll taxes Tax Rate Payroll Taxes Fynense $ Tax Amount 0.00 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. a. b. C. Gross Pay through August 31 $ 5,400 2,900 132,300 Gross Pay for September $ 2,400 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its elated liabilities. General Journal 3,000 8,900 Complete this question by entering your answers in the tabs below. Payroll Taxes Expense Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax Employer Payroll taxes Tax Rate Payroll Taxes Fynense $ Tax Amount 0.00 General Journal

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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