Answer:
Taxes to be withheld from gross Pay (Employee – Paid Taxes) | |||
September earnings subject to tax | Tax rate | Tax Amount | |
FICA – Social Security tax | $2100 | 6.20% | $130.20 |
FICA – Medicare tax | $2100 | 1.45% | $30.45 |
Total taxes withheld | $160.65 |
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Journal entry to record salaries expense and its related payroll liabilities | |||
Date | General Journal | Debit | Credit |
Sept. 30 | Salaries Expense | $2100 | |
payroll taxes expense | 160.65 | ||
FICA - Social Security taxes Payable | $130.20 | ||
FICA - Medicare taxes Payable | $30.45 | ||
Salary Payable A/C | $1939.35 | ||
(To record the salary payable after withhelding taxes) |
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 0.6% 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 62% 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 $7000 paid to its employee Gross Pay through August 31 $ 5.400 2.450 123,000 Gross Pay for September $ 2.000 2.550 8,900 b. Assuming situation related...
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 $ 5,400 2,450 123, eae Gross Pay for September $2.400 2.55e 8,98e ssuming situation a, prepare...
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 for September Gross Pay through August 31 $ 6,300 1,700 119,000 a. b. $1,800 3,900 9,800 c. Assuming situation...
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 $ 5,500 2,500 123,100 Gross Pay for September $2,300 2,600 9,000 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 $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 Gross Pay for September $ $ 6,400 2,000 120.900 800 2. 100 8,000 c. Assuming situation a,...
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.
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...