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 $5,300 2,800 132, 200 ssuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its lated liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense Gross Pay for September $ 2,600 2,900 8,800 General Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount

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 $5,300 2,800 132, 200 ssuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its lated liabilities. Complete this question by entering your answers in the tabs below. Payroll Taxes Expense Gross Pay for September $ 2,600 2,900 8,800 General Journal Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount

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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