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 $ 5,200 2,700 132,100 Exercise 9-8 (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 this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay Gross Pay for September $ 2,400 2,800 8,700 General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Federal income tax Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Tax Amount $ 90.00

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 $ 5,200 2,700 132,100 Exercise 9-8 (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 this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay Gross Pay for September $ 2,400 2,800 8,700 General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Federal income tax Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Tax Amount $ 90.00

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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1. Calculate Income Tax @ 15% and CPP & El per pay period. Employees are paid biweekly. Their per pay period salary is given. Employee Gross Pay 1,200.00 530.00 675.00 2.405 El Premlum Income Тахes СРР Total Deductions Net Pay Johnson. S Waverley N. Zender B Total 2.The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's payroll records: Eamings to End Income Taxes of Previous week $ 12.510 10.320 15.500 29 500 Employees Names Weekly Gross Pay Health Insurance Deductions S 24.00 Hellen Craig Joseph Lim Dino Patel S 720 610 830 Sharleen McFee 1700 $3 860 $106.20 79 70 132.25 432.55 S750 70 24.00 36.00 24 00 S 108.00
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White Lemon Cameras has the following employees: Annual Taxable Wages $ 22,200 $ 34,800 $ 44,400 $ 37,000 $ 53,600 Employee Name M. Haskell V. Papadopoulos P. Anderson C. Billingmeier C. Johnson Required: White Lemon Cameras's SUTA tax rate is 5.4 percent and applies to the first $11,600 of employee wages. White Lemon Cameras's FUTA tax rate of 6% is subject to a 5.4% reduction and applies to the first $7,000 of employee wages. What is the annual amount of FUTA and SUTA taxes due for each employee? Note: Round your answers for "SUTA Due" to 2 decimal places. Employee M. Haskell V. Papadopoulos P. Anderson C. Billingmeier C. Johnson FUTA Due SUTA Due
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nework Gross Pay through Gross Pay for August 31 September $ 5,100 $ 2,200 2,700 8,600 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. 2,600 132,000 Assuming situation (e), 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. Employer Payroll taxes Saved September earnings subiect to tax Tax < Prey 8 Tax Amount Help or 4 Next
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $132,900 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Ken S Tim V Steve S Cumulative Pay $ 6,000 40,400 87,000 Employee Julie W Michael M Zach R Required A Required B Cumulative Pay $ 143,500 106,900 132,900 FICA Social Security taxes FICA Medicare taxes FUTA taxes SUTA taxes 1. Compute the amounts in this table for each employee. 2. For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Complete this question by entering your answers in the tabs below. Tax Paid by Employee Employee Christina S For the company, compute each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA taxes. Note: Round your final answers to 2 decimal…
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