Subject: acounting BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICAMedicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paidto its employee.3.b.C.Gross Pay throughAugust 31$ 5,1002,600132,000Gross Pay forSeptember$ 2,2002,7008,600Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and itsrelated liabilities.Complete this question by entering your answers in the tabs below.Employer Payroll taxesPayroll Taxes GeneralExpenseJournalAssuming situation (a), compute the payroll taxes expense. (Round your answers to 2 decimal places.)September earningssubject to taxTax Rate$Tax Amount0.00General Journal > 1Record the employer's September 30 payroll taxes expense and its relatedliabilities.Note: Enter debits before credits.DateSeptember30General JournalDebitCredit

Journal entry is an important part of financial statement . Journal entries is the basis of…

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. Gross Pay through Gross Pay for September $ 2,200 August 31 $ 5,100 2,600 132,000 2,700 8,600 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities.

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. Gross Pay through Gross Pay for September $ 2,200 August 31 $ 5,100 2,600 132,000 2,700 8,600 Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's payroll taxes expense and its related liabilities.

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 2SEB

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