Answer:
Employee Paid Taxes :
Employee paid Taxes | |||
Gross Pay | Tax Rate | Tax Amount | |
Federal Income Tax | $90 | ||
FICA- Social security | $2400 | 6.2% | $148.80(= $2,400 × 6.2%) |
FICA- Medicare | $2400 | 1.45% | $34.80(=$2,400 × 1.45%) |
Total taxes withheld | $273.6 |
Preparation of the employer's September 30 Journal entries to record the accrued salary expense and it's related payroll liabilities for this employees
Date | General Journal | Debit | Credit |
Sep 30 | Salaries Expenses A/c Dr. | $2400 | |
To FICA - Social security Taxes payable A/c | $148.80 | ||
To FICA - Medicare Taxes payable A/c | $34.80 | ||
To Employees Federal Income Taxes payable A/c | $90 | ||
To Salaries payable A/c | $2126.40 | ||
(For details of FICa taxes see notes) |
Notes :
Gross Pay | Tax Rate | Tax Amount( Gross pay × Tax rate) | Details | |
FICA - Social security | $2400 | 6.2% | $148.80 | Full amount is taxable |
FICA - Medicare | $2400 | 1.45% | $34.80 | Full amount is taxable |
Required Information The following information applies to the questions displayed below.] BMX Company has one employee....
Required Information [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 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 $ 5,490 2,450 123,899 Gross Pay for September $2,400 2,550 8.999 Assuming situation a, prepare the...
Required information [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 pay, For BMX, its FUTA taxes are 0.5% and SUTA taxes are 5.4% of the first $7000 paid to its employee. Cross Pay through August 31 $ 5,000 2,250 122,600 Gross Pay for September $ 2, 100 2,350 0.500 Assuming situation (a),...
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Required Information 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 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 $ 5,480 2,450 123,000 Gross Pay for September $2,40e 2,550 8,988 Assuming situation a, prepare the...
Required information [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 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 $ 5,500 2,500 123,100 Gross Pay for September $2,300 2,600 9,000 Assuming situation (a), prepare the...
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Required information [The following information applies to the questions displayed below.) 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 a. $ 6.400 2.000 120,900 Gross Pay for September $ 800 2,100 8,000 Assuming situation a, prepare...
[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 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 $ 5,800 2,650 123,400 Gross Pay for September $1,400 2,750 9,300 Exercise 9-6 Payroll-related journal entries LO P2...
Required Information 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 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 S Gross Pay for September $2,100 2,350 8,500 5,000 2,250 122,600 Assuming situation (a)....
Required information [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 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 $ 6,000 2,750 123,600 Gross Pay for September $1,500 2,850 9,500 Assuming situation (a), prepare the...