BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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. b. C. Gross Pay through. August 31 $6,400 2,000 131,400 Assuming situation (a), prepare the employer's September 30 journal entry 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. Taxes to be Withheld From Gross Pay Complete this question by entering your answers in the tabs below. Gross Pay for September $ 800 General Journal 2,100 8,000 Federal income tax The employee's federal income taxes withheld by the employer are $80 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places. Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Tax Rate Subject to Tax < Taxes to be Withheld From Gross Pay Tax Amount $ 80.00 General Journal >
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 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. b. C. Gross Pay through. August 31 $6,400 2,000 131,400 Assuming situation (a), prepare the employer's September 30 journal entry 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. Taxes to be Withheld From Gross Pay Complete this question by entering your answers in the tabs below. Gross Pay for September $ 800 General Journal 2,100 8,000 Federal income tax The employee's federal income taxes withheld by the employer are $80 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee. Note: Round your answers to 2 decimal places. Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Tax Rate Subject to Tax < Taxes to be Withheld From Gross Pay Tax Amount $ 80.00 General Journal >
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...
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