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 $5,000 2,500 131,900 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 Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) Payroll Taxes Expense Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and elated liabilities. Gross Pay for September $ 2,100 2,600 8,500 General Journal Complete this question by entering your answers in the tabs below. 1 General Journal Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax Employer Payroll taxes Date September 30 Note: Enter debits before credits. Tax Rate $ General Journal Tax Amount Record the employer's September 30 payroll taxes expense and its related liabilities. 0.00 General Journal > Debit Credit
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 $5,000 2,500 131,900 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 Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) Payroll Taxes Expense Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and elated liabilities. Gross Pay for September $ 2,100 2,600 8,500 General Journal Complete this question by entering your answers in the tabs below. 1 General Journal Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax Employer Payroll taxes Date September 30 Note: Enter debits before credits. Tax Rate $ General Journal Tax Amount Record the employer's September 30 payroll taxes expense and its related liabilities. 0.00 General Journal > Debit Credit
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
![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.
C.
Gross Pay through
August 31
Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its
related liabilities.
$5,000
2,500
131,900
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.)
Payroll Taxes
Expense
Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its
related liabilities.
Gross Pay for
September
$ 2,100
2,600
8,500
General
Journal
Complete this question by entering your answers in the tabs below.
1
General
Journal
Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.)
September earnings
subject to tax
Employer Payroll taxes
Date
September
30
Note: Enter debits before credits.
Tax Rate
expense
$
Record the employer's September 30 payroll taxes expense and its related
liabilities.
General Journal
Tax Amount
General Journal >
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8c9bd05f-6074-441f-9db3-22fefc0ae245%2Fc1ed3161-03fe-4f9c-8e1f-1bd3f8343b52%2Fxapacb_processed.jpeg&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.
C.
Gross Pay through
August 31
Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its
related liabilities.
$5,000
2,500
131,900
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.)
Payroll Taxes
Expense
Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its
related liabilities.
Gross Pay for
September
$ 2,100
2,600
8,500
General
Journal
Complete this question by entering your answers in the tabs below.
1
General
Journal
Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.)
September earnings
subject to tax
Employer Payroll taxes
Date
September
30
Note: Enter debits before credits.
Tax Rate
expense
$
Record the employer's September 30 payroll taxes expense and its related
liabilities.
General Journal
Tax Amount
General Journal >
Debit
Credit
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