[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 Gross Pay for August 31 $ 5,700 3,200 132,600 Exercise 11-8 (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 for his employee. The employee's federal income taxes withheld by the employer are $70 for this pay period. Taxes to be Withheld From Gross Pay September $ 1,800 3,300 9,200 Complete this question by entering your answers in the tabs below. General Journal Federal income tax The employee's federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places. Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Taxes to be Withheld From Gross Pay Tax Amount $ 70.00 General Journal >
[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 Gross Pay for August 31 $ 5,700 3,200 132,600 Exercise 11-8 (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 for his employee. The employee's federal income taxes withheld by the employer are $70 for this pay period. Taxes to be Withheld From Gross Pay September $ 1,800 3,300 9,200 Complete this question by entering your answers in the tabs below. General Journal Federal income tax The employee's federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places. Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Taxes to be Withheld From Gross Pay Tax Amount $ 70.00 General Journal >
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 4PB
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Question
![[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 Gross Pay for
August 31
$ 5,700
3,200
132,600
Exercise 11-8 (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 for
this employee. The employee's federal income taxes withheld by the employer are $70 for this pay period.
Taxes to be
Withheld From
Gross Pay
September
$ 1,800
Complete this question by entering your answers in the tabs below.
3,300
9,200
General
Journal
Federal income tax
The employee's federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), compute
the taxes to be withheld from gross pay for this employee.
Note: Round your answers to 2 decimal places.
Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)
September Earnings
Subject to Tax
<
Tax Rate
Taxes to be Withheld From Gross Pay
Tax Amount
$
70.00
General Journal >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9bed3a6b-bec0-4703-9bdd-78ad06347464%2Fca3fb48f-f844-4509-b989-f9747de9b684%2F1zylo6c_processed.png&w=3840&q=75)
Transcribed Image Text:[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 Gross Pay for
August 31
$ 5,700
3,200
132,600
Exercise 11-8 (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 for
this employee. The employee's federal income taxes withheld by the employer are $70 for this pay period.
Taxes to be
Withheld From
Gross Pay
September
$ 1,800
Complete this question by entering your answers in the tabs below.
3,300
9,200
General
Journal
Federal income tax
The employee's federal income taxes withheld by the employer are $70 for this pay period. Assuming situation (a), compute
the taxes to be withheld from gross pay for this employee.
Note: Round your answers to 2 decimal places.
Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)
September Earnings
Subject to Tax
<
Tax Rate
Taxes to be Withheld From Gross Pay
Tax Amount
$
70.00
General Journal >
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