Answered: Assuming situation (a), prepare the…

Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities.

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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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…
[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 pald to its employee. a. b. C. Gross Pay through August 31 $ 6,400 2,000 131,400 Gross Pay for September $ 800 2,100 8,000 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this 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…
[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 $ 5,700 3,200 132,600 Exercise 11-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $70 for this pay period. Taxes to be Withheld From Gross Pay September $ 1,800 Complete this question by entering your answers in the tabs below. 3,300 9,200 General Journal Federal income tax The employee's federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), compute the…
[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 $ 6,000 2,000 132,900 Gross Pay for September $ 1,500 2,100 9,500 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities.
[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
Use the following information for the Exercises below. (Algo) Skip to 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. Gross Pay through August 31 Gross Pay for September a. $6,100 $ 1,400 b. 2, 100 2,200 c. 133,000 9, 600
es ! Required information [The following information applies to the questions displayed below.]. a) Tax 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. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. FUTA SUTA b) Tax a. b. C. FICA-Social Security FICA-Medicare FUTA SUTA c) Tax Gross Pay through August 31 $ 5,300 2,800 132,200 FICA-Social Security FICA-Medicare FICA-Social Security FICA-Medicare FUTA SUTA Gross Pay for September $ 2,600 2,900 8,800 September Earnings Subject to Tax 2,600.00 2,600.00 $ September Earnings Subject to Tax 2,900.00 2,900.00 September Earnings Subject to Tax 8,800.00 Tax Rate 6.20% 1.45%…
[The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 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 throughAugust 31 Gross Pay for September a. $ 5,200 $ 2,400 b. 2,700 2,800 c. 127,300 8,700 Assuming situation (a), prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities.
Use the following information for the Exercises below. Skip to 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 $128,400 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 throughAugust 31 Gross Pay forSeptember a. $ 6,400 $ 800 b. 2,000 2,100 c. 122,100 8,000 Exercise 11-6 Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer’s September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $80 for this pay period.
Required information Use the following information for the Exercises below. (Algo) Skip to 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. Gross Pay through August 31 Gross Pay for September a. $ 6,400 $ 1,700 b. 2,700 2,800 c. 133,300 9,900 Exercise 11-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer’s September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $60 for this pay period.
Use the following information for the Exercises below. [The following information applies to the questions displayed below. BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross payFor 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 $ 6,400 2.000 122,100 Gross Pay for September $ 800 2.100 8,000 Exercise 9-7 Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related iſabilities.
Required information Use the following information for the Exercises below. (Algo) [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 $ 5,700 3,200 132,600 Gross Pay for September $1,800 3,300 9,200 Exercise 9-9 (Algo) Payroll-related journal entries LO P3 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 General Expense Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places.