Question
In: Accounting
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.
| Gross Pay through August | Gross Pay for September | |||||||||
| a. | $ | 6,200 | $ | 1,600 | ||||||
| b. | 19,900 | 3,800 | ||||||||
| c. | 113,900 | 9,700 | ||||||||
Assuming 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
withheld by the employer are $80 for this pay period.
(Round your answers to 2 decimal
places.)
|
|||||||||||||||||||||||||
Prepare the employer's September 30 journal entry to record the accrued salary expense and its related payroll liabilities for this employee.
|
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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.
Gross Pay through August
Gross Pay for September
a.
$
5,300
$
2,600
b.
19,000
2,900
c.
113,000
8,800
Compute BMX’s amounts for each of these four taxes as applied to
the...
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.
Gross Pay through August
Gross Pay for September
a.
$
6,600
$
500
b.
18,400
2,300
c.
112,400
8,200
Exercise 9-5 Computing payroll taxes LO P2, P3
Compute BMX’s amounts for each...
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.
Gross Pay through August
Gross Pay for September
a.
$
5,100
$
2,200
b.
18,800
2,700
c.
112,800
8,600
Assuming situation a, prepare the employer’s September 30
journal entries to record salary...
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.
Gross Pay through August
Gross Pay for September
a.
$
5,100
$
2,200
b.
18,800
2,700
c.
112,800
8,600
Assuming situation a, prepare the employer’s September 30
journal entries to record the...
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.
Gross Pay through August
Gross Pay for September
a.
$
6,500
$
1,900
b.
20,200
4,100
c.
114,200
10,000
Assuming situation a, prepare the employer’s September 30
journal entries to record salary...
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
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.
Gross Pay through August
Gross Pay for September
a.
$
5,000
$
2,100
b.
18,700
2,600
...
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 BMC,its FUTA taxes are 0.6% and SUTA
taxes are 5.4-% of the first $7,000 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 BMC,its FUTA taxes are 0.6% and SUTA
taxes...
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 Payfor September
A. $ 5,9 00 a. $ 1,400
B. 3,400 b. 3,500
C.123,500 c. 9,400
Taxes to be Withheld From Gross Pay
(Employee-Paid Taxes)
September...
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.
$
5,000
$
2,100
b.
2,250
2,350
c.
122,600
8,500
1a. Compute BMX’s amounts for each of these four taxes as
applied...
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...
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