[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. a. b. C. Gross Pay through Gross Pay for August 31 $ 6,300 2,600 133,200 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Payroll Taxes Expense 1 Complete this question by entering your answers in the tabs below. September $ 1,800 General Journal 2,700 9,800 View transaction list Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round your answers to 2 decimal places. Record the employer's September 30 payroll taxes expense and its related liabilities. X
[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. a. b. C. Gross Pay through Gross Pay for August 31 $ 6,300 2,600 133,200 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Payroll Taxes Expense 1 Complete this question by entering your answers in the tabs below. September $ 1,800 General Journal 2,700 9,800 View transaction list Prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities. Note: Round your answers to 2 decimal places. Record the employer's September 30 payroll taxes expense and its related liabilities. X
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 4E
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