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. b. C. Gross Pay through Gross Pay for August 31 $ 6,400 2,000 September $ 800 131,400 2,100 8,000 Exercise 9-8 (Static) Payroll-related journal entries LO P2 ssuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for is employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $80 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places. Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)
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. b. C. Gross Pay through Gross Pay for August 31 $ 6,400 2,000 September $ 800 131,400 2,100 8,000 Exercise 9-8 (Static) Payroll-related journal entries LO P2 ssuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for is employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are $80 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places. Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)
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
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