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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. C. Gross Pay through August 31 $5,300 2,800 132, 200 Gross Pay for September $ 2,600 2,900 8,800

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. C. Gross Pay through August 31 $5,300 2,800 132, 200 Gross Pay for September $ 2,600 2,900 8,800

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1CP
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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 August 31 $5,300 2,800 132, 200 Gross Pay for September 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 General Expense Journal $ 2,600 2,900 8,800 Complete this question by entering your answers in the tabs below. Employer Payroll taxes Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. September earnings subject to tax Tax Rate < Payroll Taxes Expense Tax Amount General Journal >
Transcribed Image Text: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 August 31 $5,300 2,800 132, 200 Gross Pay for September 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 General Expense Journal $ 2,600 2,900 8,800 Complete this question by entering your answers in the tabs below. Employer Payroll taxes Assuming situation (a), compute the payroll taxes expense. Note: Round your answers to 2 decimal places. September earnings subject to tax Tax Rate < Payroll Taxes Expense Tax Amount General Journal >
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