Question

complete the tables

Required information Use the following information for the Exercises below. 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 $7,000 paid to its employee Gross Pay through August 31 $ 5,400 2,450 123,000 Gross Pay for September $2,400 2,550 8,900 b C.

Answer 1

Answer-

a
Tax	September Earnings Subject to Tax	Tax Rate	Tax Amount
FICA-Social Security	2,400	6.20%	148.80
FICA-Medicare	2,400	1.45%	34.80
FUTA	1,600 (7,000-5,400)	0.60%	9.60
SUTA	1,600 (7,000-5,400)	2.90%	46.40
b
Tax	September Earnings Subject to Tax	Tax Rate	Tax Amount
FICA-Social Security	2,550.00	6.20%	158.10
FICA-Medicare	2,550.00	1.45%	36.975
FUTA	0	0.60%	0
SUTA	0	2.90%	0
c)
Tax	September Earnings Subject to Tax	Tax Rate	Tax Amount
FICA-Social Security	5,400.00 (128,400-123,000)	6.20%	334.8
FICA-Medicare	8,900.00	1.45%	129.05
FUTA	0	0.60%	0
SUTA	0	2.90%	0
d
Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)
	September Earnings Subject to Tax	Tax Rate	Tax Amount
Federal income tax
FICA—Social Security	2,400	6.20%	148.80
FICA—Medicare	2,400	1.45%	34.80
Total taxes withheld	183.60
e
Date	General Journal	Debit	Credit
Sep-30	Salaries expense	2,400
	FICA—Social Security taxes payable		148.80
	FICA—Medicare taxes payable		34.80
	Salaries payable		2,216.40
f
Employer Payroll taxes	September earnings subject to tax	Tax Rate	Tax Amount
FICA-Social Security	2,400	6.20%	148.80
FICA-Medicare	2,400	1.45%	34.80
FUTA	1,600	0.60%	9.60
SUTA	1,600	2.90%	46.40
Total Payroll Taxes Expense	239.60
g
Date	General Journal	Debit	Credit
Sep. 30	Payroll taxes expense	239.60
	FICA—Social security taxes payable		148.80
	FICA—Medicare taxes payable		34.80
	Federal unemployment taxes payable		9.60
	State unemployment taxes payable		46.40