se the following information for the Exercises below. [The following information applies to the questions displayed below. BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross payFor 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 August 31 $ 6,400 2.000 122,100 Gross Pay for September $ 800 2.100 8,000 Exercise 9-7 Payroll-related journal entries LO P3 Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related iſabilities.

Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…

A: Federal income tax refers to the tax levied by the Internal Revenue Service (IRS) on the desired…

Q: loyee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA…

A: Tax Liability is the different company's taxable income as shown in the income statement and in…

Q: An employee's rate of pay is $36 per hour, with time-and-a-half for all hours worked in excess of 40…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent…

A: Contingent liability:  It is a potential liability of a company that depends on a future event. It…

Q: The chief executive officer earns $10,020 per month. As of May 31, her gross pay was $50,100. The…

A: please like the answer your response matters Answer: Gross Annual income = $ 10,020  x 12 = $…

Q: Tax Required information [The following information applies to the questions displayed below.] BMX…

A: Introduction: A tax is a mandatory cost and provider and another type of levy imposed on a taxpayer…

Q: An employee's rate of pay is $36 per hour, with time-and-a-half for all hours worked in excess of 40…

A: Hey, since there are multiple questions posted, we will answer first three question. If you want any…

Q: Universal Exporting has three warehouse employees: John Abner earns $422 per week, Anne Clark earns…

A: SUTA and FUTA are the payroll tax paid by the employers in the state and federal funds made for the…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent…

A: Contingent liability:  It is a potential liability of a company that depends on a future event. It…

Q: Sky Co. employed Tom Mills in Year 1. Tom earned $5,300 per month and worked the entire yearAssume…

A: Tax refers to the financial charge which is compulsory in nature and it is imposed through the…

Q: Redmont Company's gross salaries and wages are $14,000, and it withholds $2,100 for income taxes and…

A: Salaries and Wages Payable = Salaries and Wages Expense - Income taxes payable - FICA taxes payable…

Q: According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0%…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Use the following information for the Exercises below. (Algo) The following information applies to…

A: >An employee’s wage or salary is subject to various deductions as per law. >Hence, various…

Q: Big Pine Tree Service has 18 employees, 12 with gross earnings of $350 per week and 6 with gross…

A: Payroll taxes The employer is required to pay a certain percentage to the government on the behalf…

Q: Lisa has sent through the following information. Can you pull this togetherwith what you have…

A: As per Australian Taxation, assesses not having personal health insurance cover have to pay Medical…

Q: HUM., Co. gave fringe benefits to employees as follows: To its Clerks and Janitors P 100,000 To its…

A: solution concept Fringe benefit to rank and file employee are not subject to fringe benefit tax…

Q: Required information Use the following information for the Exercises below. (Algo) [The following…

A: The amount used to compute an employee's earnings (hourly) or salary is referred to as gross pay…

Q: 1. Compute for his withholding tax for the month of March given that he had overtimes amounting to…

A: A withholding tax is an amount that an employer withholds from employees’ wages and pays directly…

Q: Old Town Entertainment has two employees in Year 1. Clay earns $4,800 per month, and Philip, the…

A: Net pay the pay which is left with the employee after paying all the taxes and contributions which…

Q: Toren Inc. employs one person to run its solar management company. The employee's gross income for…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: urd LLC has two employees Thomas and Marsha who are paid $ !5,500 and $2, 500 respectively. If the…

A: Step 1 A payroll tax is an amount deducted from an employee's salary that is paid to the government…

Q: Precision Labs has two employees. The following information was taken from its individual earnings…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: Portia Grant is an employee who is paid monthly For the month of January of the current year, she…

A: The answer is stated below:

Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…

A: Gross earnings is the amount before any deductions but after expenses. It is sales revenue less cost…

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its…

A: Answer : Date General Journal Debit Credit  Sep 30 Salaries expense 800.00     FICA—Social…

Q: During the first week of February, Gabe Hopen earned $300.  Assume that FICA taxes are 7.65 percent…

A: FICA Taxes payable= $300 x 7.65% = $22.95 State unemployment taxes payable= $300 x 5% = $15.00…

Q: (The following information applies to the questions displayed below.] BMX Company has one employee.…

A: Journal entry is to primary step to record transaction in the books of account. The amount debit and…

Q: Total Cost of Empleyee R.D. Kagen employs Audrey Lopez at a salary of $33,800 a year. Kagen is…

A: Payroll: It can be defined as the total payment made by an employer to its employee.

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its…

A: FICA social security tax :   It is considered as a United States payroll tax and paid by the…

Q: Deep Mouse Designs has 14 employees within Denver City and County. The employees earned $9.80 per…

A: Salary earned by each employee per month=Number of hours worked×Per hour earning=160×$9.80=$1,568

Q: Redmont Company's gross salaries and wages are $50,000, and it withholds $7,500 for income taxes and…

A: The journal entry would be: Date Account Titles and Explanations Debit Credit xxx Salary and…

Q: In connection with the previous problem, suppose a certain government employee earns a performance…

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Q: Using the information above, what amount is the check, netof all deductions, that Gabe received for…

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Q: uan dela Cruz, a newly hired operations manager of ABC Company, wondered how much would be his…

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Q: Howard Murphy is the ower of Stormy Banana Films in West Hollywood, California. Stormy Banana Films…

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Q: Precision Labs has two employees. The following information was taken from its individual earnings…

A: Following are the calculations for missing amount of the employees B:

Q: Urban Window Company had gross wages of $360,000 during the week ended July 15. The amount of wages…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = $360,000*6.20% =…

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0%…

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Q: Toren Inc. employs one person to run its solar management company. The employee’s gross income for…

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Q: William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is…

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Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its…

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Q: The book of accounts of San Jose Corporation showed the following data: Fringe benefits tax…

A: Fringe Benefits: Fringe benefits are additional benefits provided by the employer to employee.…

Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…

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A: Social Security deducted for the month of July = (Limit for Social Security - earnings) x  Social…

Q: The following information applies to the questions displayed below.]   BMX Company has one employee.…

A:

Q: Required information [The following information applies to the questions displayed below.] BMX…

A: Introduction: A tax is a necessary fee or financial charge levied by the government on an individual…

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Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…

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Q: An employee earned $37,000 during the year working for an employer when the maximum limit for Social…

A: FICA tax: It can be defined as the federal payroll tax applied in the U.S.