Requlred 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 $118,500 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 29% of the first $7,000 paid to its employee. Gross Pay through August $ 6,200 19,900 113,900 dross Pay foe Septemben $1,600 3,800 9,700 a. b. C. suming situation a, prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its ated liabilities. (Round your answers to 2 decimel places.) mployer Payroll taxes September eamings subject to tax Tax Rate Tax Amount
Requlred 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 $118,500 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 29% of the first $7,000 paid to its employee. Gross Pay through August $ 6,200 19,900 113,900 dross Pay foe Septemben $1,600 3,800 9,700 a. b. C. suming situation a, prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its ated liabilities. (Round your answers to 2 decimel places.) mployer Payroll taxes September eamings subject to tax Tax Rate Tax Amount
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 1PB
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![Requlred 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 $118,500 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 29% of the first $7,000 paid
to its employee.
Gross Pay through
August
$ 6,200
19,900
113,900
dross Pay for
September
$1,600
3,800
9,700
a.
b.
c.
Assuming situation a, prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its
elated liabilities. (Round your answers to 2 decimel places.)
Employer Payroll taxes
September eamings
subject to tax
Tax Rate
Tax Amount
0.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc47ea21-5bbf-4f45-b0e1-850a1d85988e%2F8204e867-767b-4b3d-a624-0f994f2cefed%2F7ytnlwp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Requlred 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 $118,500 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 29% of the first $7,000 paid
to its employee.
Gross Pay through
August
$ 6,200
19,900
113,900
dross Pay for
September
$1,600
3,800
9,700
a.
b.
c.
Assuming situation a, prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its
elated liabilities. (Round your answers to 2 decimel places.)
Employer Payroll taxes
September eamings
subject to tax
Tax Rate
Tax Amount
0.00
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