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 the employer's payroll taxes expense and its related liabilities.
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 the employer's payroll taxes expense and its related liabilities.
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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Question
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Assuming situation (a), prepare the employers September 30 journal entry to record the employers payroll taxes expense and it’s related liabilities.
Transcribed Image Text:Saved
vork
Required information
Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense ane
answers to 2 decimal places.)
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Journal entry worksheet
1
Record the employer's September 30 payroll taxes expense and its related
liabilities.
Note: Enter debits before credits.
General Journal
Debit
Credit
Date
September
30
Record entry
Clear entry
View general journal
...
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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.
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 the employer's payroll taxes expense and its
related liabilities.
Complete this question by entering your answers in the tabs below.
General
Payroll Taxes
Expense
Journal
Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.)
September earnings
subject to tax
Employer Payroll taxes
Tax Rate
Tax Amount
FICA-Medicare
FICA-Social Security
FUTA
SUTA
24
0.00
Ceneral Jeurnal
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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.
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 the employer's payroll taxes expense and its
related liabilities.
Complete this question by entering your answers in the tabs below.
General
Payroll Taxes
Expense
Journal
Assuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.)
September earnings
subject to tax
Employer Payroll taxes
Tax Rate
Tax Amount
FICA-Medicare
FICA-Social Security
FUTA
SUTA
24
0.00
Ceneral Jeurnal
< Prev
of 5
Next>
MacBook Air
80
DII
F2
F6
F9
F10
F4
@
$
&
2.
3
4
5
6
7
8
E
R
T
Y
F
G
H
J
K
B
vの
* 00
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