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 pay

Question

Question

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 pay

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 pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee.

Assuming situation (a), prepare the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities.

Complete this question by entering your answers in the tabs below.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

✔ Recommended Answer

Answer #1

Answer:

Explanation:

Add a comment

Answer 2

Similar Homework Help Questions

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 pay

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 pay. For BMX, Its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Exercise 9-5 Computing payroll taxes LO P2, P3 Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a). (b),...
BMX Company has one employee. FICA Social Security taxes are 6.2 % of the first $128.400 paid to its employee

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 pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 paid to its employee Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a). (b), and (c). (Round your answers to...
BMX Company has one employee, FICA Social Security taxes are 6.2% of the first $128,400 paid...

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 pay. For 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 31Gross Pay for Septembera.$6,100$1,400b.2,8002,900c.123,7009,600Assuming situation (a), prepare the employer's September 30 journal entries to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes...

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid...

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 2.9% of the first $7,000 paid to its employee. a. Gross Pay through August $ 5,200 18,900 112,900 Gross Pay for September $ 2,400 2,800 8,700 Compute BMX's amounts for each of these four taxes as applied to the employee's gross...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...

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 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 August 31 $ 5,400 2,450 123,000 Gross Pay for September $2,400 2,550 8,900 Assuming situation a, prepare the employer's September 30 journal entries to record salary expense and...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...

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 pay. For 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 Gross Pay for September a. $ 6,700 $ 400 b. 2,150 2,250 c. 122,400 8,300 Assuming situation (a), prepare the employer’s September 30 journal entries to record...

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid...

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,400 $ 800 b. 2,000 2,100 c. 120,900 8,000 Assuming situation a, prepare the employer’s September 30 journal entries to record...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...

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 pay. For 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 Gross Pay for September a. $ 6,700 $ 400 b. 2,150 2,250 c. 122,400 8,300 Compute BMX’s amounts for each of these four taxes as applied to...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...

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 pay. For 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 Gross Pay for September a. $ 5,900 $ 1,400 b. 2,700 2,800 c. 123,500 9,400 Compute BMX’s amounts for each of these four taxes as applied to...

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid...

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,400 $ 800 b. 2,000 2,100 c. 120,900 8,000 Assuming situation a, prepare the employer’s September 30 journal entries to record...

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 pay

Homework Answers

Add Answer to:
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 pay

Post as a guest

Earn Coins