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 $127,200 paid to its employee, and Medicare taxes are 145% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 to its employee. Gross Pay through August 31 6,400 Gross Pay for September 800 a. b. 2,000 120,900 2,100 8,000 C. suming situation a, prepare the employer's September 30 journal entries to record the employer's payroll taxes expense ated liabilities. Complete this question by entering your answers in the tabs below. General Employer ayroll Taxes Journal ssuming situation a, calculate the employer's payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax mployer Payroll taxes Tax Rate Tax Amount General Journal Employer Payroll Taxes
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 $127,200 paid to its employee, and Medicare taxes are 145% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 to its employee. Gross Pay through August 31 6,400 Gross Pay for September 800 a. b. 2,000 120,900 2,100 8,000 C. suming situation a, prepare the employer's September 30 journal entries to record the employer's payroll taxes expense ated liabilities. Complete this question by entering your answers in the tabs below. General Employer ayroll Taxes Journal ssuming situation a, calculate the employer's payroll taxes expense. (Round your answers to 2 decimal places.) September earnings subject to tax mployer Payroll taxes Tax Rate Tax Amount General Journal Employer Payroll Taxes
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1CP
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