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. Gross Pay through Gross Pay for September $ 1,500 3,200 9,100 August 31 $ 5,600 3,100 132,500 a. b. C. 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 $90 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 $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.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Tax Amount Federal income tax 90.00 FICA-Medicare FICA-Social Security os to be Withheld From Gross Pay General Journal

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
100%
Assuming situation (a), prepare the employer’s September 30 journal entry to record salary expense and it’s related payroll liabilities for this employee. The employees federal income taxes withheld by the employer are $90 for this pay period.
Saved
Help
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.
5 oft
Gross Pay through
August 31
$ 5,600
3,100
132,500
Gross Pay for
September
$ 1,500
3, 200
9,100
a.
b.
c.
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 $90 for this pay period.
Complete this question by entering your answers in the tabs below.
Taxes to be
Withheld From
General
Journal
Gross Pay
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.)
Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)
September Earnings
Subject to Tax
Tax Rate
Tax Amount
Federal income tax
$
90.00
FICA-Medicare
FICA-Social Security
to be Withheld From Gross Pay
General Journal>
< Prev
4 5
of 5 E
Next >
MacBook Air
80
F3
F10
F6
F7
F2
@
#
$
&
2.
3
4
5
6
8
W
E
R
Y
U
S
F
* 00
Transcribed Image Text:Saved Help 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. 5 oft Gross Pay through August 31 $ 5,600 3,100 132,500 Gross Pay for September $ 1,500 3, 200 9,100 a. b. c. 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 $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From General Journal Gross Pay 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.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Tax Amount Federal income tax $ 90.00 FICA-Medicare FICA-Social Security to be Withheld From Gross Pay General Journal> < Prev 4 5 of 5 E Next > MacBook Air 80 F3 F10 F6 F7 F2 @ # $ & 2. 3 4 5 6 8 W E R Y U S F * 00
A ezto.mheducation.com
mework i
Saved
Help
Required information
Journal
Gross Pay
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 $90 for this pay period. (Round your answers to 2
decimal places.)
View transaction list
Journal entry worksheet
1
>
Prepare the employer's September 30 journal entry to record accrued salary
expense and its related payroll liabilities for this employee.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
September
30
Clear entry
View general journal
Record entry
< Prev
of 5
Next >
MacBook Air
DII
80
FB
F6
F5
F2
F3
#
$
%
&
2.
4
5
6
7
8
3
E
R
T
Y
D
F
つ
ミ
%24
Transcribed Image Text:A ezto.mheducation.com mework i Saved Help Required information Journal Gross Pay 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 $90 for this pay period. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 > Prepare the employer's September 30 journal entry to record accrued salary expense and its related payroll liabilities for this employee. Note: Enter debits before credits. Date General Journal Debit Credit September 30 Clear entry View general journal Record entry < Prev of 5 Next > MacBook Air DII 80 FB F6 F5 F2 F3 # $ % & 2. 4 5 6 7 8 3 E R T Y D F つ ミ %24
Expert Solution
Step 1

SOLUTION

A JOURNAL IS A COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTION ARE RECORDED IN CHRONOLOGICAL ORDER.

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Journal entries
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
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education