Homework Help is Here – Start Your Trial Now!
Business
Accounting
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. C. Gross Pay through August 31 $5,300 2,800 132, 200 Gross Pay for September $ 2,600 2,900 8,800

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. C. Gross Pay through August 31 $5,300 2,800 132, 200 Gross Pay for September $ 2,600 2,900 8,800

College Accounting, Chapters 1-27
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
See similar textbooks
icon
Related questions
Question
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 $5,300 2,800 132, 200 Gross Pay for September Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Payroll Taxes General Expense Journal $ 2,600 2,900 8,800 Complete this question by entering your answers in the tabs below. Employer Payroll taxes Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. September earnings subject to tax Tax Rate < Payroll Taxes Expense Tax Amount General Journal >
Transcribed Image Text: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 $5,300 2,800 132, 200 Gross Pay for September Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Payroll Taxes General Expense Journal $ 2,600 2,900 8,800 Complete this question by entering your answers in the tabs below. Employer Payroll taxes Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. September earnings subject to tax Tax Rate < Payroll Taxes Expense Tax Amount General Journal >
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Unemployment Taxes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
SEE MORE TEXTBOOKS

Expert Answers to Latest Homework Questions

Q: Your patient has been suffering from chronic constipation and has been prescribed docusate sodium, a…
Q: 10. The old rubber boot shown below has two leaks. Assuming both holes are roughly the same diameter…
Q: 8. The two oil tanks are connected to each other as shown in the figure. If the difference between…
Q: 1. What is a fluid? kg [6 marks] 2. A tank is filled with oil with density p = 830; If the volume of…
Q: Fundamentals of Momentum, Heat and Mass Transfer by james welty 26.24 Consider a spherical gel bead…
Q: and power for part b
Q: Consider a graph of temperature in degrees Celsius, C, versus temperature in degrees Fahrenheit, P,…
Q: Please answer thank u!!
Q: please answer all thank u
Q: please answer thank u!!!
Q: Please answer all thank you!
Q: PLEASE ANSWER ALL THANK U
Q: Part C-Thinking [10 marks] 16. A right triangular prism has edge lengths of 5.0 cm, 6.0 cm, and 7.8…
Q: Suppose that the waiting time X (in seconds) for the pedestrian signal at a particular street…
Q: Throughout this unit, you have conducted a research project into an electrochemical object of your…
Q: 1. 2. 3. Assign oxidation numbers to the following compounds: a. KCIO3 b. NO₁₂ C. CH, CHO Balance…
Q: 4. Build a voltaic cell with one beaker containing a solution of nickel (II) nitrate - Ni(NO3)2 -…
Q: 1. What is the difference between an oxidation number and a valence number?
Q: Throughout this unit, you have conducted a research project into an electrochemical object of your…
Q: Fill in the blank using these words: sharper or broader; increase or decrease; increases or…
Q: Which of the following are characteristics of normal-phase chromatography?  I - The stationary phase…