Assuming situation (a), 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. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount

Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter10: Payroll Register (pr)
Section: Chapter Questions
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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
$ 5,000
2,500
131,900
Gross Pay for
September
$ 2,100
2,600
8,500
Assuming situation (a), 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.
General
Journal
Payroll Taxes
Expense
Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.)
Employer Payroll taxes
September earnings
subject to tax
Tax Rate
Tax Amount
Transcribed Image Text: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 $ 5,000 2,500 131,900 Gross Pay for September $ 2,100 2,600 8,500 Assuming situation (a), 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. General Journal Payroll Taxes Expense Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.) Employer Payroll taxes September earnings subject to tax Tax Rate Tax Amount
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