Required information Use the following Information for the Exercises below. (Algo) [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 pald to its employee. b. C. Gross Pay through August 31 $ 6,300 2,600 133,200 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 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 Gross Pay for September $ 1,800 2,700 9,800 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. Note: Round your answers to 2 decimal places. Federal income tax Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Taxes to be Withheld From Gross Pay Tax Amount $ 90.00 General Journal >
Required information Use the following Information for the Exercises below. (Algo) [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 pald to its employee. b. C. Gross Pay through August 31 $ 6,300 2,600 133,200 Exercise 9-8 (Algo) Payroll-related journal entries LO P2 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 Gross Pay for September $ 1,800 2,700 9,800 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. Note: Round your answers to 2 decimal places. Federal income tax Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Subject to Tax Tax Rate Taxes to be Withheld From Gross Pay Tax Amount $ 90.00 General Journal >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required Information
Use the following Information for the Exercises below. (Algo)
[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 pald
to its employee.
b.
C.
Gross Pay through
August 31
$ 6,300
2,600
133,200
Exercise 9-8 (Algo) Payroll-related journal entries LO P2
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
Gross Pay for
September
$ 1,800
2,700
9,800
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.
Note: Round your answers to 2 decimal places.
Federal income tax
Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)
September Earnings
Subject to Tax
Tax Rate
< Taxes to be Withheld From Gross Pay
Tax Amount
$
90.00
General Journal >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F800f2f16-3b61-49ff-ab25-650fdf0ecc43%2F294843d9-e52d-4ff2-ba7f-75a839b05af6%2Fv41lz74_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
Use the following Information for the Exercises below. (Algo)
[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 pald
to its employee.
b.
C.
Gross Pay through
August 31
$ 6,300
2,600
133,200
Exercise 9-8 (Algo) Payroll-related journal entries LO P2
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
Gross Pay for
September
$ 1,800
2,700
9,800
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.
Note: Round your answers to 2 decimal places.
Federal income tax
Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)
September Earnings
Subject to Tax
Tax Rate
< Taxes to be Withheld From Gross Pay
Tax Amount
$
90.00
General Journal >
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