Question

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 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 for September Gross Pay through August 31 $ 6,600 2,100 122,380 $ a. b. c. 500 2,200 8,200 Exercise 9-6 Payroll-related journal entries LO P2 Assuming situation (7), prepare the employer's September 30 Journal entries to record salary expense and its related payroll liabilitles for this employee. The employee's federal Income taxes withheld by the employer are $80 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay General Journal The employee's federal income taxes withheld by the employer are 580 for this pay period. Compute the taxes to be withheld from gross pay for this employee. (Round your answers to 2 decimal places.) Taxes to be Withheld From Gross Pay (Employee-Paid Taxes) September Earnings Tax Rate Tax Amount Subject to Tax Federal income tax $ 80.00

Answer 1

Taxes to be Withheld From Gross Pay (Employee-Paid Taxes)
	September Earnings Subject to Tax	Tax Rate	Tax Amount
Federal income tax			80.00
FICA—Social Security	500	6.20%	31.00
FICA—Medicare	500	1.45%	7.25
Total taxes withheld			118.25
Date	General Journal	Debit	Credit
Sep 30	Salaries expense	500.00
	FICA—Social Security taxes payable		31.00
	FICA—Medicare taxes payable		7.25
	Employee federal income taxes payable		80.00
	Salaries payable		381.75