FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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D1.

Account 

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. Gross Pay through August 31 $ 5,200 2,700 132,100 Assuming situation (a), prepare the employer's September 30 Journal entry to record salary expense and its related payroll llabilities 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 No Gross Pay for September $ 2,400 2,800 8,700 General Journal Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilit this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Note: Round your answers to 2 decimal places. View transaction list 1 View journal entry worksheet Date September 30 Salaries expense General Journal FICA-Medicare taxes payable Employee federal income taxes payable Salaries payable Taxes to be Withheld From Gross Pay Debit 2,400.00 General Journal Credit 34.80 90.00
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Transcribed Image Text: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. Gross Pay through August 31 $ 5,200 2,700 132,100 Assuming situation (a), prepare the employer's September 30 Journal entry to record salary expense and its related payroll llabilities 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 No Gross Pay for September $ 2,400 2,800 8,700 General Journal Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilit this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Note: Round your answers to 2 decimal places. View transaction list 1 View journal entry worksheet Date September 30 Salaries expense General Journal FICA-Medicare taxes payable Employee federal income taxes payable Salaries payable Taxes to be Withheld From Gross Pay Debit 2,400.00 General Journal Credit 34.80 90.00
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