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 FICAMedicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paidto its employee.Gross Pay throughAugust 31$ 6,400Gross Pay forSeptember800а.b.2,000120,9002,1008,000C.ssuming situation a, prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilitithis employee. The employee's federal income taxes withheld by the employer are $80 for this pay period.Complete this question by entering your answers in the tabs below.Employee PaidТаxesGeneralJournalAssuming situation a, calculate the employee-paid taxes. The employee's federal income taxes withheld by the employer are$80 for this pay period. (Round your answers to 2 decimal places.)Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)September EarningsSubject to TaxTax RateТаx Amountederal income tax80.00General Journal

Question
Asked Nov 7, 2019
219 views
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 FICA
Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid
to its employee.
Gross Pay through
August 31
$ 6,400
Gross Pay for
September
800
а.
b.
2,000
120,900
2,100
8,000
C.
ssuming situation a, prepare the employer's September 30 journal entries to record salary expense and its related payroll liabiliti
this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period.
Complete this question by entering your answers in the tabs below.
Employee Paid
Таxes
General
Journal
Assuming situation a, calculate the employee-paid taxes. The employee's federal income taxes withheld by the employer are
$80 for this pay period. (Round your answers to 2 decimal places.)
Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)
September Earnings
Subject to Tax
Tax Rate
Таx Amount
ederal income tax
80.00
General Journal
<Employee Paid Taxes
help_outline

Image Transcriptionclose

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 FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August 31 $ 6,400 Gross Pay for September 800 а. b. 2,000 120,900 2,100 8,000 C. ssuming situation a, prepare the employer's September 30 journal entries to record salary expense and its related payroll liabiliti this employee. The employee's federal income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Employee Paid Таxes General Journal Assuming situation a, calculate the employee-paid taxes. The employee's federal income taxes withheld by the employer are $80 for this pay period. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Таx Amount ederal income tax 80.00 General Journal <Employee Paid Taxes

fullscreen
check_circle

Expert Answer

Step 1

Calculate the taxes to be withheld f...

help_outline

Image Transcriptionclose

Taxes to be withheld from gross pay (Employee-paid tax) September Earnings Subject to tax Particulars Tax rate Tax Amount $80 Federal income tax FICA-social security FICA-Medicare $800 6.20% $49.60 $11.60 $141.20 $800 145% Total

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Pottery land Inc. has been manufacturing its own finials for its curtain rods. The company is curren...

A: a. Incremental analysis of make or buy finials:First af all,  lets calculate the curent cost of maki...

question_answer

Q: Please solve the following and explain in steps how you solved the calculation. Revenue for 2028 $80...

A: Calculate ending balance of  retained earnings:

question_answer

Q: 7. Homework Chapter 10

A: Preferred stock: The stock that provides a fixed amount of return (dividend) to its stockholder befo...

question_answer

Q: Direct Materials Variances I-Time, Inc., produces electronic timepieces. The company uses mini-LCD d...

A: Calculation of variances:

question_answer

Q: During 2019, Basler Manufacturing produced 60,000 units and sold 55,000 for $10 per unit. Variable m...

A: The product cost per unit has been calculated by adding the variable and fixed manufactring cost per...

question_answer

Q: Optima Company is a high-technology organization that produces a mass-storage system. The design of ...

A: Sales Budget : A Sales budget represents the quantity and the per unit sales price of the product or...

question_answer

Q: Number 4 Smithson, Inc. produces two types of gas grills: a family model and a deluxe model. Smithso...

A: Hi, since there are multiple requirements in the posted question, we will answer first three questio...

question_answer

Q: Optima Company is a high-technology organization that produces a mass-storage system. The design of ...

A: Meaning of Budget:Budget is an estimation of revenue and expenses over a specified future period of ...

question_answer

Q: Terry Industries produces two electronic decoders, P and Q. Decoder P is more sophisticated and requ...

A: ABC (Activity based costing) framework was created to manage the drawbacks of customary costing fram...