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
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
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 54P: LO4 Explain why each of the following expenditures is or is not deductible: a. Lumbar, Inc., pays...
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Question
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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.
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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>
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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
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of 5 E
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MacBook Air
80
F3
F10
F6
F7
F2
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$
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Transcribed Image Text:A ezto.mheducation.com
mework i
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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
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Expert Solution
Step 1
SOLUTION
A JOURNAL IS A COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTION ARE RECORDED IN CHRONOLOGICAL ORDER.
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